Industry News by Nemesis

Drop in India Orders Dents Sarine Sales

August 14, 2018

 

Sarine Technologies saw a slight decline in revenue during the second quarter after orders for its diamond-mapping units fell in India.

Total sales fell 1.1% year on year to $18 million for the three months ending June 30. Revenue from India declined 5% to $12 million, even as 16 of the 20 Galaxy systems that Sarine sold during the quarter were in that market. North America sales tumbled 17% to $213,000, while those in Israel fell 4% to $896,000. Africa was Sarine's only growth center, with sales up 139% to $2.6 million. 

Profit rose 28% to $4.1 million due to lower operating expenses, the Israel-based company said Sunday.. 

Sarine is still pursuing several patent and copyright infringement cases through Indian court systems. The company had also been taking legal action against Rose Gems, which Sarine accused of manipulating the reported weights of diamonds processed by its Galaxy machine. Rose Gems has “taken responsibility for such actions and has agreed to all conditions set by Sarine,” the company said, adding that the lawsuit had been closed.

 

Source: Rapaport

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