Advanced Search

India Upturn Boosts Sarine’s Results

May 23, 2018 7:45 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... Sarine Technologies, which supplies equipment to diamond manufacturers, saw revenue rise in the first quarter, driven by increased sales of its Galaxy system in India.

Group revenue for the period grew 2% year on year to $16.7 million, the Israel-based company reported last week. Sales to India, its largest market, rose 4% to $13.5 million, outweighing a 42% drop in sales to Europe, which amounted to $344,000. Revenue from Israel climbed 16% to $1.1 million, while sales to the African market grew 24% to $854,000.

The performance of Sarine, which sells diamond-mapping technology and other equipment, is considered an indicator of the strength of the manufacturing sector. The company noted that rough-diamond prices had increased this year, but said that had not significantly impacted the midstream sector. The global economy is strong, and diamond businesses are showing prudent inventory management, it added.

The diamond-technology company’s profit jumped 27% to $3.1 million due to lower operating costs and changes to its tax expenses.
Tags: Alrosa, De Beers, Galaxy, Rapaport News, Sarine, Sarine Technologies
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2022 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.