News

Advanced Search

Sarine Sales Jump Indian Liquidity Hurdle

Jan 8, 2017 9:12 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


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.
Tags: cutters, Galaxy, India, polishers, Rapaport News, Sarine, Sarine Technologies
Similar Articles
De Beers Unveils Blockchain PlansDe Beers Takes Further Blockchain Step
Jan 16, 2018
De Beers is piloting blockchain technology for the diamond industry, working with a small number of participants to test
Sarine GalaxySarine Unit to Sue over Alleged Fraud
Jan 07, 2018
Sarine Technologies subsidiary Galatea will be taking legal action against a manufacturer in Surat, India, claiming fraudulent
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.