Israeli diamond tech company Sarine Technologies has announced its performance for the first six months of 2023, reporting a decline in revenue of 24% year-on-year, although remaining profitable at $1 million during the period.
According to a press release, Sarine’s revenue and net profit fell 24% and 85% to$23.7 million and US$1 million respectively in H1 2023. Sarine explained: “The macroeconomic uncertainties arising from the inflationary environment and rapidly rising interest rates affected consumer confidence and reduced disposable income. With a decline in the sale of polished diamonds, and the subsequent reduction of rough diamonds in the pipeline, the midstream effected less manufacturing activities.”
As for the rest of FY2023, Sarine commented that, as “interest rates and inflation are likely to stay elevated and the possibility of a recession in the U.S. is still realistic, overall industry conditions are likely to remain challenging […].” The company added that its “traditional businesses of selling capital equipment and to a much lesser extent” the Galaxy scanning services “will remain affected under subdued market conditions.”
