Israel-based Sarine Technologies raked in $36 million in the first half of 2021 – an increase of 61% year-on-year, Rough & Polished reports.
Sarine attributed the rise to “a strong pick-up in manufacturing activities in India, which started towards the end of Q3 2020 and continued into 2021.” According to the diamond tech company, the recovery in rough diamond manufacturing was driven by “strong demand for diamond jewellery, following the reopening of retail activities in key global markets in late summer 2020 and carrying over to a strong end of year holiday season in the US market and a buoyant Chinese New Year season in early 2021 throughout most of the Asia Pacific market.”
Sarine’s net profit during the first six months of 2021 totaled $12.6 million – up from $1.2 million in H1 2020.
