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Home > Diamond News Center > Diamond News > World

Sarine “Not Affected” By De Rough Supply Suspension to Shrenuj

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Sarine Service Center in the Israel Diamond Exchange
Israel-based Sarine Technologies Ltd. said that De Beers’ decision to suspend rough diamond supply to leading Indian diamond and jewelry manufacturer Shrenuj & Co has not affected the company’s business activities, IDEX Online reports.

Yesterday (November 27), it was reported that Shrenuj Botswana, which operated a large diamond cutting and polishing factory, as well as the only jewelry manufacturing plant in Botswana, has closed, leading to the loss of 340 jobs of polishers, cutters and jewelry manufacturers. As a result, De Beers' rough supply to Shrenuj has been suspended, while the Indian diamond and jewelry manufacturer is also reducing its Botswana operations due to liquidity pressure, rising costs, the decline of the Indian currency and static demand in some main markets.

In a statement signed by Company Secretary Amir Jacob Zolty, Sarine commented that "in response to various queries [...] including [the] reported suspension of supply by De Beers, Sarine Technologies Ltd. wishes to note that its business activities have not been affected and that Sarine has no significant exposure to these reported events”.

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