Sarine Group revenue rose to 4%
Yet recurring revenues remained under 50% of 9M revenue! Sarine announced its financial results for the third quarter and nine months ended 30 September 2018. According to the review, as in prior years, demand for capital equipment by diamond manufacturers slowed in Q3. In addition to this cyclicality, industry sentiments in Q3 2018 were affected by a number of macroeconomic factors, including uncertainties surrounding the impact of trade tariffs on China, credit tightening by Indian banks, increased volatility in foreign exchange rates and uncertainties relating to the long-term effects of the advent of lab-grown diamonds (LGD) into the market. Incidentally, the Group's Q3 2018 results announcement released on 11 November 2018 to the Singapore Exchange discusses this issue at length. It was against this background of challenges that the Group recorded 4% increase in revenue to US$11.7 million in Q3 2018. The improvement was mainly driven by recurring revenu