Sarine fears a net loss over US$01mn
Diamond industry midstream Faces a reduction in manufacturing! Advent of LGD drives adverse! Halts capital equipment expenditures! By updating the Group’s revenues and profitability for Q1 2019, Sarine Technologies Ltd says, “In our FY2018, we noted that the prevailing negatives in the diamond industry midstream, which impaired our results in the latter part of 2018, were likely to continue into FY2019. Indeed, during Q1 2019 our midstream customers not only continued to experience working capital issues due to credit tightening policies implemented by Indian banks but also had to meet the latter’s call for return of some of the already extended credit by the Indian fiscal year’s end on 31 March 2019. In addition, the uncertainties caused by the advent of lab-grown diamonds (LGD) in the market, notwithstanding the U.S. Federal Trade Commission’s (FTC) latest criticism of certain players’ lax implementation of their directives on the full disclosure of the diamon...