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Sarine Profit Skyrockets as Market Rebounds
Feb 28, 2022 7:08 AM
By Rapaport News
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RAPAPORT... Sarine Technologies’ profit increased sevenfold in 2021 as strong consumer appetite for diamond jewelry led to increased demand for its equipment.
The Israel-based company, which supplies manufacturing equipment to the diamond industry, reported a net profit of $16.5 million for the full year. That figure is up 596% from 2020, when the Covid-19 pandemic made business challenging and many manufacturers in India — the company’s biggest market — were closed. Revenue for the year surged 52% to $62.1 million, Sarine reported Monday.
“With overall positive business conditions for most of 2021, and the strong resurgence of diamond-manufacturing activities, [we benefited] from increased capital equipment sales and higher recurring revenues,” the company noted.
Sales of equipment to diamond polishers rose globally, with the exception of the US. The company also saw growth in recurring revenue from monthly scanning fees on systems already sold. In addition, the business benefited from an increase in the number of digital tenders, many of which use Sarine equipment. Revenue from India soared 42% to $40.5 million.
Revenue for the second half of 2021 climbed 41% year on year to $26.2 million, driven by increased demand for diamond jewelry during the period running up to Christmas, the Chinese New Year and Valentine’s Day, Sarine said.
Image: The Sarine lab in Israel. (Sarine Technologies)
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Tags:
COVID-19, diamond, India, Jewelry, Rapaport News, Sarine, Sarine Technologies
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