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Sarine Sees 4Q Revenue Improving amid 'Positive' Market
Jan 10, 2016 3:51 AM
By Rapaport News
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RAPAPORT... Sarine Technologies expects revenue in the
fourth quarter ending December 31 to improve 29 percent on a sequential basis
to about $12.3 million. The result would represent a 33 percent decrease over
the same period last year. Sales in the third quarter plummeted
53 percent.
Deliveries of the Galaxy family of
products rebounded in the past three months, with 13 systems shipping during
the three months, comprising a mix of products including the new Meteor,
according to a statement January 6.
The holiday season
in the “primary and key” U.S. diamond jewelry market, which constitutes about
40 percent of global demand, has overall been positive, with sales meeting or
exceeding expectations, the statement said. Wholesale buying for the Chinese
New Year on February 8 has started on a positive note. As a result, and because
of lower production in most of 2015, shortages have emerged for diamonds whose
demand is higher, primarily in the size range of 0.30 to 2 carats, colors D to
H and clarity grades SI1 to I2. At lower price points, these are gaining in
market share in the Far Eastern markets as well.
More
than $5.5 billion of inventory has been cleared from Indian manufacturers’
stocks, Sarine estimated.
Due to these developments, De Beers December
sight was bigger than that in October and November but smaller than in previous
years – valuing
at about $180 million according to Rapaport
News estimates.
“On the backdrop of these overall
positive developments, we are pleased to report that the prevailing sentiment
in the Indian diamond manufacturing industry seems to have significantly
improved,” the statement added.
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Tags:
Israel, Rapaport News, Sarine Technologies, Singapore, technology
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