Sarine revenue tumble 30% in 1H 2025 YoY

 

India will further lower overall operating costs in H2  

Recently, Sarine Technologies Ltd announce its financial results for the six months ended 30 June 2025. Here are the key highlights, demand for natural diamonds continues to be impacted by lab-grown diamonds (LGD) in the United States and weak consumer sentiments in China, the two largest markets for natural diamonds. 

Revenues of US$15.3 million for H1 2025 are 11% lower than H2 2024 and 30% lower than H1 2024, showing initial stabilisation (as further evidenced by EBITDA of US$1.6 million being 90% higher than H2 2024 and 49% lower than H1 2024) of operations as new services gain traction and generate more revenue. 

With prudent cost management, the Group maintained positive cashflow and realised only a marginal loss of US$0.2 million in H1 2025. The just completed relocation of our manufacturing operations to our wholly owned subsidiary in India will further lower overall operating costs in H2 2025.

Wholesale and retail prices for LGD continued to decline substantially in H1 2025 over H1 2024 due to higher supply and a slowdown in adoption in the US market. With declining absolute profits on low LGD retail prices, diamond jewellery retailers in the US are re-examining the viability of their LGD offerings.  

Continuing growth of recurring revenue streams from new strategic initiatives launched in 2024 are beginning to stabilise operations, with further traction and adoption expected over the next 12 months.



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