Sarine Returns to Profitability
May 23, 24
(IDEX Online) - Sarine has returned to profitability, and is predicting a modest recovery in the diamond industry.
The Israel-based diamond tech company reported a $600,000 profit for the three months ending 31 March, following on from a $2.8m loss the previous quarter.
It said a lower inventory of natural polished diamonds and significant reductions in natural rough prices had boosted its fortunes, and that newly-launched ventures were gaining traction.
It also said the market disruption caused by lab grows had "likely peaked in 2023", although it will account for "a meaningful portion of the diamond jewellery market going forward".
"The rapid expansion of the LGD segment in the U.S. market has slowed significantly, also impacted by dramatic price drops - a one carat LGD can now be had retail for US$ 500," the company said in a press release.
Sarine also said it had also reduced some of its operating expenses.
And it said new services - its MVP (Most Valuable Plan) for the optimal planning of small rough diamonds (40 points and below), the adaptation of rough planning technologies for lab growns and the GCAL by Sarine LGD grading lab in India - were likely to contribute to increased future revenues.
Pic courtesy Sarine.