Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

16 april 2024

Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Macro-economic challenges hinder Sarine's sales in 2023

27 february 2024

Sarine Technologies, a diamond technology company, has announced that its sales dropped in 2023 due to macro-economic challenges and market disruption caused by LGDs.

Group's revenue for 2023 declined 27% year-on-year to $43.0 million. At the segmental level, capital equipment sales fell by about 50% while recurring revenues declined by 3%.

Sales to India fell 27% to $22 million for the year as manufacturing demand faltered. Meanwhile, revenue from the Africa market slid 54% to $6.3 million. Sales to Europe slipped 22% to $2.7 million. Those drops outweighed growth in sales to the US of $5.1 million, compared to $842,000 the year before.

In the first half of 2023, Sarine acquired a 70% stake in the New-York based gemmological laboratory Gem Certification & Assurance Lab, Inc. (GCAL). The company expects that recurring revenues from new sources, such as expansion of grading services to India and adoption of pay-per-use diamond planning, will help drive its financials higher in 2024.

"Significantly, the market disruption caused by LGD may have peaked, as the growth trend of LGD adoption slowed in the second half of 2023. This may have been due to the sharp decline in LGD wholesale and, more importantly, retail prices," the company said in a statement.

"While it may be too early to call this a new trend, the slowdown could indicate that the natural diamond and LGD segments of the diamond jewellery market are reaching a new equilibrium."

Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished