Somasundaram PR, Regional CEO, WGC India: IIBX will be a key infrastructure in the global scenario once a few more reforms in India are completed

Somasundaram PR joined the World Gold Council (WGC) in January 2013. He is responsible for leading the World Gold Council's activities across the Indian gold market. Here, in an exclusive Interview with Rough&Polished, he helps you understand...

04 december 2023

DiaMondaine Diamantaires Club: Transparency a sine qua non for the diamond industry

Transparency is crucial for inspiring consumer and retailer confidence in diamond brands, according to DiaMondaine Diamantaires Club. Agnes Abdulahu, the founder of the club, told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that fashion...

27 november 2023

Ilgiz Fazulzyanov: Traditions should be respected and preserved but at the same time, traditional jewelry should be made modern

Ilgiz Fazulzyanov is a jeweler who needs no introduction. He is renowned for his Ilgiz F. brand existing on the Russian market for more than 30 years and famous among true connoisseurs of jewelry art. He spoke to Rough&Polished about his new collections...

20 november 2023

Dr M'zée Fula Ngenge: The African Diamond Council will forever seek overlooked opportunities to create ideal conditions necessary for success in the entire global diamond industry as long as it does not become prone to or contaminated by indifference

Here, in an exclusive interview with Rough&Polished, Dr M'zée Fula Ngenge, Chairman of the African Diamond Council, expresses his views on the recently concluded Kimberley Process Plenary, and other grave issues being faced by the global diamond...

13 november 2023

Miri Chen: Fancy color diamonds, owing to their extreme rarity, tend to maintain their value even when resold on the second-hand market

Miri Chen is a CEO of Fancy Color Research Foundation (FCRF). Here, in an exclusive interview with Rough & Polished, Miri Chen explains FCRF's stand on coloured diamonds as an investment vehicle for now, as well as for years to come.

06 november 2023

Macro-economic and Industry challenges weigh on Sarine's business environment and results

21 november 2023

According to Sarine Technologies Ltd, the industry conditions and global economic conditions have negatively affected the company in working results for the quarter and 9 months ended 30 September 2023.

The macro-economic uncertainties in the U.S. continue to affect consumer confidence and retail sales. Economic woes in China have prevented the expected retail recovery in the second most important market for polished diamonds. Indian manufacturers strove to reduce inventories as well as ahead of likely new G7 sanctions on Russian diamonds, anticipated for early 2024.

With the decline in the quantities of rough diamonds entering the pipeline, commensurately reduced manufacturing activities were evident. Appropriately, the company's traditional businesses of selling capital equipment and, to a lesser extent, its inclusion scanning services, were impaired.

Due to this, Sarine's Capital equipment sales in the third quarter dropped significantly, and, with no Galaxy-family inclusion mapping systems delivered in the quarter, the company's installed base remained at 823 systems. Overall recurring revenues for Q3 and 9M 2023 were 72% and 64% of the group's average overall revenue.

Trade-related revenues accounted for about 32% and 21% of Sarine's overall revenue in Q3 and 9M 2023. The loss in Q3 2023 and the decline in profitability in 9M 2023 were mainly due to lower revenue and a lower gross profit margin resulting from lower revenue and product mix. To compensate for reduced midstream polishing activity, the Sarine Group is taking steps to reduce operating expenses in Q4 2023.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished