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Sarine Sees Diamond Market Turnaround
Jul 10, 2016 3:15 AM
By Rapaport News
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RAPAPORT... Sarine Technologies expects second-quarter revenue to jump as
improved diamond-market sentiment boosted sales of its mapping systems to a
record.
Sales increased to more than $20 million in the second
quarter that ended June 30, the diamond technology provider said in a market
update. This implies a surge of at least 39 percent on sales a year ago. The
company, a bellwether for the trade, also expects to report higher
profitability when it releases full results for the period.
Sarine sold a record 20 Galaxy family inclusion mapping
systems during the quarter as the diamond midstream benefited from lower rough
prices and diminished polished inventories. Stable rough demand and price at
the De Beers sights in May and June pointed to these trends. Sarine also side polished prices were “modestly” higher.
The revenue surge represented a recovery from a 42-percent
slump in revenue in the same period a year ago at a time of rock-bottom polished
demand.
“The prevailing improved sentiment in the Indian diamond
manufacturing industry has continued to drive our inclusion mapping systems
sales,” the company said. Notwithstanding the company’s increased operating
expenses, primarily for sales and marketing, “we also expect to report
continued improvement in our profitability,” the statement added.
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Tags:
Rapaport News, Sarine, Sarine Technologies
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