Sarine declined by 34% YoY
Polished diamond retail contributes just under 3% of overall revenue! Books net loss of US$1.4 mn in Q1 Recently Sarine Technologies Ltd announced its financial results for the first quarter (Q1) ended 31 March 2019 that say, “a record deliveries of 33 Galaxy family systems to customers in India increased total installed base to 443 as of 31 March 2019.” In Q1 2019, the working capital issues experienced by midstream diamond manufacturers in India was exacerbated by the banks’ call for return of some of the already extended credit. Combined with negative sentiments arising from uncertainties surrounding lab-grown diamonds (LGD) and ongoing trade disputes between the U.S. and China, the midstream diamond industry saw a reduction in manufacturing activities and capital investment. Consequently, the Group recorded a 34% decline year over year (YoY) in Group revenue to US$10.9 million due to lower capital equipment sales and reduced recurring income from inclusio...