Israel-based Sarine Technologies has reported a fall of 15% in revenue to $45.7 million in the nine months ended 30 September. According to IDEX Online, the decrease is “mainly due to lower sales of capital equipment in the third quarter”. Net profit declined to $5.1 million in the nine month period.
For the third quarter of the year, Sarine’s revenue decreased 35% to $11.3 million, and the company recorded a net loss of $500,000 during the quarter.
The company commented in a statement: “Due to the buildup of higher than normal inventories of polished diamonds in the mid-stream in the third quarter, manufacturers slowed production and reduced capital expenditures. The sales of Sarine’s inclusion mapping systems were also affected by the illicit competition and related uncertainties. Nevertheless, the group did not experience any significant drop in the number of stones processed by its installed base. Recurring revenues remained stable and accounted for over 46 percent of group revenue”.
“In spite of slower diamond manufacturing activities in Q3 2017, end-consumer demand in most of the significant retail diamond markets remains robust”, the company added.
