Sarine Reports 27% Drop in Revenue
November 25, 25
(IDEX Online) - Sarine reported a 27 per cent drop in revenue for the first nine months of this year, primarily as a result of the popularity of lab growns among US consumers.
The Israel-based diamond tech company said earnings for January to September were $22.3m, down from $30.6m in the same period last year.
It recorded a slight net loss, of $500,000, which included a $100,000 investment in Kitov.ai, a company pioneering AI-powered computer-aided design (CAD).
Sarine said, n an operational update on 20 November: "The natural diamond manufacturing industry continues to confront lower global demand, driven primarily by the competition from Lab Grown Diamonds (LGD), mostly in the key U.S. market and ongoing weak retail luxury sales in China, exacerbated by uncertainties surrounding the import tariffs implemented by the U.S. government."
Sarine said its Most Valuable Planning (MVP) software had been expanded to handle rough diamonds of 1.25 carats, and would soon reach 2.0 carats.
It also said it had moved all its production to a wholly-owned subsidiary in India (where most customer support services are now based), and had made other savings through internal restructuring and streamlining initiatives.