Sarine Technologies could not overcome the market-driven losses sustained in the first half of 2019, ending the year with a net loss of US$1.4 million as group revenue fell 12% to US$51.3 million amid tough industry conditions. The group stumbled to a net loss of US$2.8 million in the first half of FY2019 before the gradual stabilisation of conditions in the industry in the second half of 2019 helped them halve that loss by the end of the year. Sarine made a modest net profit of US$0.2 million in Q3 2019 with further improvement on profitability to US$1.2 million in Q4 2019.
Teaming up with Sarine Diamond Technologies, Alrosa has launched a pilot program to provide digital mapping of its rough diamonds on tender so buyers can better assess the polished output and lower their purchasing risk. In a press release, the Russian miner said it provided the Digital Tenders information for the first time during the October 2019 trading period, offering its clients a full digital scan of each rough diamond for detailed analysis.
In a preliminary update for Q3 2019, Singapore-listed diamond equipment and services provider Sarine noted that "the significant drop (40% less y-o-y) in the quantities of rough stones entering the production pipeline" has temporarily eased the excess inventories in the midstream, "somewhat alleviating" the issue of working capital in the short term.
Sarine Technologies is expecting its second straight quarterly loss as the "prevailing negatives in the diamond industry midstream" are hurting their financial results. Demand for their diamond-manufacturing equipment relies on the manufacturing sector and thus indirectly on the rough trade that supplies it - two segments in the midst of a slump.
Sarine Technologies earlier this year rolled out its Sarine Diamond Journey provenance tracking program - following each stage of a diamond's travels from rough stone to polished diamond - and has now announced a Partners program comprising select diamond manufacturers. The initial manufacturers selected for the program will be able to supply goods meeting the retailers' criteria for transparent sourcing.
Sarine Technologies recorded a fourth-quarter net profit of $93,000, down 85% from $613,000 the year before, citing challenging industry conditions, weak sentiment in the midstream and a downturn in consumer spending in China due to uncertainties stemming from the impact of trade tariffs. The company notes that credit for India’s manufacturing sector tightening, Indian Rupee exchange rate volatility and the 'legitimization' of laboratory-grown diamonds all conspired to generate weak results.
Lucara Diamond Corp. has completed its highly anticipated inaugural diamond sale through Clara Diamond Solutions, its digital sales platform for selling rough diamonds individually, based on polished characteristics and demand.
Canada's Lucara Diamond, through its subsidiary Clara Diamond Solutions, has inked a cooperation agreement to include Sarine Technology's mapping and planning technologies into its sales platform, which applies algorithms to match rough diamond production with polished manufacturing demand on a stone by stone basis.
Sarine Technologies, which provides high-tech equipment and services to the diamond industry, announced yesterday that it is opening its second Sarine Technology Laboratory in Mumbai, India, as scheduled, which will offer services to the key Indian polishing centre, commencing immediately. The Laboratory, one of the leaders in the development, manufacture and sale of precision technology products for the evaluation, planning, processing, finishing, grading and trading of diamonds and gems, offers reports on a broad range of a polished diamond's parameters.
Sarine Technologies Ltd, one of the leading diamond industry technology developers, announced significant declines in its financial figures in 2017, with total profits falling 68% to US$5.76 million and revenues down by 19% to US$58.6 million.
Israeli diamond tech group Sarine Technologies is opening its first gemological laboratory this February in Ramat Gan, Israel, with plans to follow with the opening of a lab in India, planned for May. The company says it will utilize its, "breakthrough artificial-intelligence based technological solutions for the automated, accurate, consistent, digital, and objective grading of a polished diamond's Clarity and Colour." The services offered will include authentication whether a polished diamond is a simulant, natural or synthetic, treated or not, as well as the grading of its 4Cs.
Galatea Ltd., a wholly-owned subsidiary of Sarine Technologies Ltd, is taking legal action against a manufacturer in Surat, India, for their allegedly fraudulent use of Sarine's Galaxy® inclusion mapping technology and systems, the company said in a statement. Galatea claims the company has been practising deliberate under-reporting of rough stone weights and underpayment of amounts owed to Galatea for the scanning of the rough stones.
Sarine Technologies has announced it is, "expanding its services, adding 4Cs grading and diamond identification to its Sarine Profile Report." Using proprietary tools including its automated clarity, color, cut and light performance grading technologies along with advanced synthetic diamond and treatment detection methods, Sarine claims it will be able to, "deliver an unmatched level of accurate, repeatable and automated diamond grading with less subjectivity and far fewer human errors.
Sarine, a developer of technologies for the diamond industry, stated in a press release that two Indian suspects were arrested in Tel Aviv on suspicion of attempted theft of Sarine's Intellectual Property. The two were arrested during a meeting in which US$100,000 in cash was handed over as advance payment against an agreed US$1,000,000 to be paid in exchange for Sarine’s GalaxyTM system schematics, list of parts and vendors thereof and software source code.
Sarine Technologies introduced the latest version of its rough planning software tool, AdvisorTM 7.0, which has the capability to fully atomize the rough planning process. This version includes several new and enhanced features designed to enable diamond manufacturers to, “further streamline the planning process and optimize the polished yield”.
The Israel Diamond Exchange (IDE) is opening the Diamond Tech Innovation Center, "a technological incubator for Israeli and international diamond-related start-ups" in the initial stages of development. The driving ideas behind this initiative is to promote "new technologies for diamonds in the broadest sense, reaching beyond gems and jewelry." This includes the use of diamonds in industrial platforms, robotics, semi-conductors, medical technologies, space technology, as well as software, finance, and B2B and B2C marketing platforms.
Singapore’s Sarine Technologies announced that former CEO of De Beers Diamond Trading Company (DTC) Varda Shine is to join the Board of Directors as an independent director. Shine’s position is subject to approval at Sarine’s annual general meeting to be held on April 25.
Sarin India, the Indian subsidiary of diamond processing equipment maker and services provider Sarine Technologies, has consolidated its Surat operations in a brand new, wholly-owned, hi-tech facility, the “Sarin House”. The new facility covers 55,000 square feet (5,100 sq.m.) over six floors, housing approximately 400 staff members.
Sarine Technologies, a major player in precision technology products for the planning, processing, evaluation and measurement of diamonds and gems, has appointed David Block as Chief Executive Officer (CEO), effective 1 May 2017. He will succeed Uzi Levami, who decided to step down due to his age (65) and for personal reasons. Levami will continue serving as an Executive Director of Sarine, as well as a Director of all of its subsidiaries.
Sarine Technologies Ltd, a global leader in the development, manufacture and sale of precision technology products for planning, processing, evaluating and measuring diamonds and gems, reports that it has delivered a record 24 Galaxy-family inclusion mapping systems in Q4 2016, bringing the total number of 2016 deliveries to 84 systems (previous record year saw 48 deliveries). This figure also tops their former quarterly record of 22 systems sold in Q3 2016. The majority of machines sold were of the Meteor variety for small stones (0.25 to 0.89 carat).
Avi Krawitz of Rapaport News details a decision by the Israel Diamond Exchange (IDE) to enforce a new rule compelling a dealer to cancel the sale of a rough diamond after he failed to disclose that a stone underwent value analysis using a Sarine Galaxy machine. Krawitz has been informed it is the first ever enforcement of new guidelines the World Federation of Diamond Bourses (WFDB) adopted in May aiming to keep a level playing field between both parties trading rough diamonds.
Diamond manufacturing technology company Sarine Technologies announced in a press release the unveiling of it, "new groundbreaking technology for clarity and color grading", which it claims, "will revolutionize the way the diamond industry and consumers perceive clarity grading, and transform the polished sourcing and sorting process ... Technological standardization translates into greater credibility for the industry and increased trust for the diamond consumer." They say while carat size has traditionally been the only objectively measurable factor of the 4C’s in diamond grading, Sarine
Rough sellers at the Israel Diamond Exchange (IDE) will be required to disclose that a stone has undergone inclusion mapping following an agreement between the IDE and Sarine Technologies. The IDE signed a memorandum of understanding (MOU) with Galaxy mapping equipment maker Sarine that means traders will no longer be able to conceal that a rough diamond they sell has been through the machine. Sarine’s Galaxy systems are the only machines in the market that perform inclusion mapping on rough diamonds, the IDE said.
Diamond manufacturing technology maker Sarine Technologies has acquired the technology and assets of DiaMining, a developer of Point of Sale (POS) applications for diamonds, gemstones and jewelry. DiaMining's solutions offer retailers and wholesalers advanced state-of-the-art POS solutions that combine comprehensive product information and digital imagery of their choice. DiaMining's apps integrate with many commonly used inventory management systems and can easily be integrated to others, Sarine reported, without revealing how much it paid for DiaMining.