The diamond business is yet bright and has a good future in the coming days

Hitesh Patel, Managing Director of Dharmanandan Diamonds Pvt. Ltd., joined the family business in 1997 to help his father Laljibhai Patel, the founder of Dharmanandan Diamonds Pvt. Ltd. Egged on by its success, Hitesh set up the overseas presence of...

19 august 2019

The talk around LGDs is all hype

As a teenager, Luca Luterbacher began to design and manufacture single pieces and individual items for wealthy private family friends from Switzerland and Lichtenstein. In 2017, he finally invested in his own luxury trademark "Luterbacher."...

12 august 2019

Correct adjustment of advertising is the major challenge

At the recent Amberforum held in the Baltic city of Svetlogorsk, Andrey Yanchevsky, Head of the trade representation of the LA VIVION jewelery company shared his opinion with the correspondent of Rough&Polished on the state and prospects of the jewellery...

05 august 2019

Small-scale diamond mining is the future in Botswana – Leon Daniels

Pangolin Diamonds, which is currently the most active diamond exploration company in Botswana, has called upon authorities in the southern African country to include diamonds into the minerals permit for small scale mining operations. Pangolin chief...

29 july 2019

“There has been a strict policy in Israel against LGDs; have been forbidden on IDE trading floor for years.”: Aviel Elia, Managing Director- IDI

Aviel Elia, an attorney by profession, has served as Legal Adviser and Company Secretary of IDI since 2013. As a key member of the Israel Diamond Institute (IDI) management team, he has been involved in developing company strategy and negotiating...

22 july 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