Our main role is to inspire consumers to consider diamonds - Jean-Marc Lieberherr

With over 25 years of experience in a variety of leadership positions across many geographies, functions and businesses, Jean-Marc Lieberherr has more than 10 years’ experience as a diamond industry leader, which includes as a Board member of the World...

Yesterday

Training in diamond valuation is key for artisanal miners

Ian Rowe, the Executive Director of the Diamond Development Initiative (DDI) was appointed in September 2019, having joined DDI as Deputy Executive Director a year earlier. Ian managed field operations in Sierra Leone within this role and led...

02 december 2019

Kangalassi 2.0: Raising the living standards, creating new jobs

At the V Eastern Economic Forum (EEF) held in early September in Vladivostok, the Yakut company SAYBM signed a tripartite agreement with two agencies - the Far Eastern agency and the regional one - for attracting investments and providing export...

25 november 2019

We live in a new dimension of environmental responsibility carried by business

In mid-October, Moscow hosted the VIII Ecological Forum attended by representatives from the State, large industrial companies, scientific and public organizations. The forum delegates discussed the issues related to finding a balance between the socio-economic...

18 november 2019

De Beers’ GemFair delivering ‘positive impacts’ to ASM sector in Sierra Leone – David Johnson

GemFair, a pilot project developed by De Beers to create a secure and transparent route to market ethically sourced artisanal and small-scale mined (ASM) diamonds, is already delivering “important positive impacts” in Sierra Leone. Group head...

11 november 2019

Sarine Technologies’ revenue declines 35% in HI y-o-y

15 august 2019
news_28062018_sarine.pngSarine Technologies Ltd’s financial results announced recently for half year ended 30 June 2019, reports total revenue of $ 11.597 mln for Q2 2019 against $ 17.959 mln recording a 35.4% decline. The company also registered revenue of $ 22.519 mln for H1 2019 in comparison to $ 34.620 mln in H1 of 2018, a decrease of 35% y-o-y.
The Group incurred a loss from operations amounting to $ 892,000 for Q2 2019, as against a profit of $ 4.674 mln achieved in the same period 2018. For H1 2019, loss from operations stood at $ 1.717 mln as compared to a profit of $ 8.238 mln recorded during the same period of 2018.
The total comprehensive loss of the Group for Q2 2019 was $ 1.365 mln as compared to a profit of $ 3.633 mln achieved in Q2 2018. For H1 2019, the Group’s loss amounted to $ 2.676 mln as against a profit of $ 6.575 mln recorded in the same period of the previous year.
According to Sarine, the Group’s operating environment remained difficult in Q2 2019. The level of midstream polishing activities continued to be restrained amidst industry challenges, namely, working capital issues faced by diamond manufacturers under credit tightening policies by Indian banks, dampened consumer sentiments in the Chinese market arising from the ongoing trade disputes with the US, as well as uncertainties surrounding lab-grown diamonds (LGD).

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