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Sarine Sales Jump Indian Liquidity Hurdle
Jan 8, 2017 9:12 AM
By Rapaport News
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RAPAPORT...
Sarine Technologies expects fourth quarter revenue
grew significantly as sentiment improved in the Indian diamond manufacturing
sector, the diamond equipment supplier said in a trading update.
The company projected sales will surpass $18 million during the final three
months of 2016, which would imply a 45 percent jump from a year ago but falls
in line with the $18.3 million revenue recorded in 2014.
The company delivered a record 24 Galaxy
inclusion-mapping systems in the final three months of 2016, bringing the total
for the year to 84 versus 48 a year ago.
There was positive sentiment in the Indian diamond manufacturing sector despite
India’s demonetization policy invalidating INR 500 and INR 1,000 currency
notes, implemented on November 8, and the three-week Diwali holiday break
around the same time, Sarine noted. India’s diamond trade accounts for
approximately 75 percent of Sarine’s sales.
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Tags:
cutters, Galaxy, India, polishers, Rapaport News, Sarine, Sarine Technologies
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