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Sarine Sales Surge as Diamond Market Recovers

Aug 8, 2016 7:08 AM   By Rapaport News
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RAPAPORT... Sarine Technologies’ revenue rose 45 percent in the second quarter as a pickup in the global diamond trade helped increase sales of its manufacturing equipment.

Revenue jumped to $20.9 million as the diamond technology provider reported record sales of its Galaxy mapping systems during the three months to June 30. Sales to India, by far its largest market, leapt 58 percent to $16.8 million. The growth in revenue propelled the Singapore-listed company to a profit of $6 million versus $2.7 million a year earlier. The board declared an interim dividend of $0.02 per ordinary share for the first half, an increase of 33 percent from a year ago.

Sarine, a bellwether for the industry, said positive trends are continuing to drive profitability in the diamond midstream, the company’s core customer base. Global economic indicators appear stable despite initial reactions to the U.K.’s vote to leave the European Union, and diamond jewelry sales in the U.S., the largest market, continue to be stable with an “overall positive bias.”

Diamond manufacturers took advantage of reduced-price rough in the first few months of the year to replenish depleted inventories, a phenomenon underlined by larger De Beers sights than a year ago, the company added.

“We are confident that 2016 will be a record year for Galaxy family system deliveries, expanding substantially upon the typical 40-plus deliveries realized in the previous years,” said Uzi Levami, Sarine’s chief executive officer (pictured). Delivieries will probably by lower in the second half, primarily due to the Indian Diwali holiday in the fourth quarter.
Tags: Galaxy, Israel, Manufacturing, mapping, Rapaport News, Sarine, Sarine Technologies, Singapore, technology, Uzi Levami
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