Sarine Blames Extremely Challenging Conditions for Slight Loss
May 26, 25
(IDEX Online) - Sarine reported a "negligible" net quarterly loss of $100,000 amid what it said were "extremely challenging conditions".
The Israel-based diamond tech company blamed the Chinese market - still showing no signs of recovery - the continued rise of lab growns and ongoing uncertainty over US reciprocal tariffs.
Sarine generated $7.7m in revenue during Q1 2025, it said in its latest update.
"Despite the existing headwinds, we continue to focus on implementing the Group's strategic initiatives to enable future growth, as well as tightly managing costs."
The company doesn't expect substantial changes to market conditions in the current quarter and says the end-of-year holiday season will be key to its performance in the second half of the year.
Sarine has taken strategic steps outside its core diamond business by acquiring a majority stake in Kitov.AI, which develops quality assurance and control systems.
The company reversed a loss of $2.8m loss in 2023 into a $1.1m profit in 2024. Cost reductions and efficiency improvements outweighed a dip in revenue.