News

Advanced Search

Manufacturing Rebound Boosts Sarine Revenue

Oct 29, 2020 9:03 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... 
Sales at Sarine Technology improved in the third quarter as diamond-manufacturing levels increased following a lockdown in India, the equipment producer reported Wednesday.

Revenue rose 25% versus the previous quarter to $7.4 million in the three months ending September 30, reflecting an increase in diamond scans using its Galaxy machines, Sarine noted. However, the figure was still 48% below the $14.2 million of revenue Sarine recorded in the same period of 2019.

“Coupled with increases in polished-diamond prices on the back of renewed retail consumer demand, midstream manufacturers’ margins have improved significantly,” the Israel-based company said. “This has led to a further increase in polishing activity, which during October has fully recovered to pre-pandemic levels.”

The company incurred a loss of around $400,000 for the quarter, mainly due to taxes, though the loss was less severe than in the previous three months. The company made use of low-interest loans that the Israeli government guaranteed as part of its Covid-19 response.

Image: A rough diamond in a Galaxy machine. (Sarine Technologies) 
Tags: COVID-19, Galaxy, Israel, Manufacturing, Rapaport News, Sarine, Sarine Technology
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2020 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
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.