Sarine Group Revenue +27% to $15.5 Million in Q1 2016

(IDEX Online News) – Sarine Technologies Ltd has announced that its revenue jumped 27 percent to $15.5 million in the first quarter of 2016, as sentiments in the diamond industry showed improvement.

The company said that a return to profitability for diamond manufacturers drove higher manufacturing activities and renewed investments in capital equipment, helping to push Sarine’s revenue higher compared to the same period in 2015 and 2014.

The group reported net profit of $3 million in the quarter, which compared favorably to $0.9 million and $1.5 million over the same period in the first quarter of 2015 and 2014, respectively.

Sarine predicted that as stability begins to return to the market and demand for polished diamonds improves, it will likely benefit from rising demand for capital equipment, particularly the Galaxy systems. The group exceeded its expectations in the Asia Pacific, with expanded marketing teams in the Hong Kong regional sales headquarters, as well as the US, likely to step up sales efforts.

Sarine has also increased its activities in Jaipur, India and Ramat Gan, Israel, and expects to deploy more machines as the year progresses.