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Diamond Manufacturing Revival Lifts Sarine Sales

May 9, 2016 8:20 AM   By Rapaport News
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RAPAPORT... Sarine Technologies reported a recovery in quarterly revenue and profit as diamond manufacturing levels increased.

The company, which sells technology to the diamond industry, said revenue jumped 27 percent to $15.5 million in the first quarter that ended March 31. Profit more than tripled to $3 million as the large sales jump outweighed modestly higher costs and expenses.

The result follows a 45-percent fall in revenue and an 87-percent dive in profit in 2015 as manufacturing levels fell.

The return to profitability for diamond manufacturers in the first quarter drove higher manufacturing activities and renewed investments in equipment, the company explained. Diamond manufacturing equipment sales surged about 50 percent, the company pointed out, primarily from its Galaxy family of inclusion mapping systems, especially in India. The Indian market, by far the largest source of revenue, saw sales jump 39 percent.
Tags: Israel, Manufacturing, Rapaport News, Sarine, Sarine Technologies, Singapore, technology
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