RAPAPORT… Sales at Sarine Technology improved in the third quarter as diamond-manufacturing levels increased following a lockdown in India, the equipment producer reported Wednesday.
Revenue rose 25% versus the previous quarter to $7.4 million in the three months ending September 30, reflecting an increase in diamond scans using its Galaxy machines, Sarine noted. However, the figure was still 48% below the $14.2 million of revenue Sarine recorded in the same period of 2019.
“Coupled with increases in polished-diamond prices on the back of renewed retail consumer demand, midstream manufacturers’ margins have improved significantly,” the Israel-based company said. “This has led to a further increase in polishing activity, which during October has fully recovered to pre-pandemic levels.”
The company incurred a loss of around $400,000 for the quarter, mainly due to taxes, though the loss was less severe than in the previous three months. The company made use of low-interest loans that the Israeli government guaranteed as part of its Covid-19 response.
Image: A rough diamond in a Galaxy machine. (Sarine Technologies)
Manufacturing Rebound Boosts Sarine Revenue
The Bottom Line
- Sarine's Q3 revenue reached $7.4 million, up 25% from the previous quarter but down 48% from Q3 2019.
- Increased diamond scans on Galaxy machines and higher polished-diamond prices boosted midstream manufacturers' margins.
- The company reported a $400,000 loss for the quarter, reduced from prior losses, partly due to Israeli government-backed low-interest loans.
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