Gold brings stability, acts as insurance, and generates higher risk-adjusted returns especially in times of heightened uncertainty

Somasundaram PR (Som) joined the World Gold Council in January 2013, as Managing Director, India. Based in Mumbai, Som is responsible for leading the World Gold Council's activities across the Indian gold market. Som has over 27 years of...

12 april 2021

Flun Gumerov - “I think that a diamond is a unique gift from nature. A synthetic diamond is a man-made imitation of the gift of nature”

Flun Gumerov, Chairman of the Council of the “Jewellers Guild of Russia” Association and the founder of Almaz-Holding, told Rough&Polished about what is new in the legislation relating to the jewellery production and trade, about the sentiments at the...

05 april 2021

Lucapa narrows kimberlites search

Lucapa Diamond and its Lulo partners have been for close to a decade searching for the kimberlite source or sources of alluvial diamonds being recovered from within the Lulo diamond concession, in Angola. The company believes that the frequent recovery...

29 march 2021

Shashikant D Shah: “Mined diamonds and LGDs are separate categories”

Armed with a commerce degree, Shashikant D Shah entered the diamond trade by opening a diamond Jewellery Showroom exclusively for Nakshatra and Asmi brands in 2003 and has not looked back since. DM Gems came into being in 2003 with Shashikant as Founder/Owner...

22 march 2021

Andre Messika: “The natural diamond industry today is one of the most transparent, regulated, and ethical industries in the world”

Andre Messika, a Paris-based topnotch distributor of polished diamonds migrated to Israel in 2003, to establish Andre Messika Diamonds in the Israel Diamond Exchange in Ramat Gan …and has not looked back since. In 2012, in recognition of the continuous...

15 march 2021

Sarine records net profit of $2.4mn in FY2020

07 april 2021
Sarine Technologies Ltd has announced its financial results for the year ended 31 December 2020. The Covid-19 virus severely affected the Group's operations for most of FY2020.
The Group recorded revenue of $41.0 mn in FY2020, a decline of 20% from the $51.3 mn achieved in FY2019. The revenue of $22.4 mn in H1 2020 reflected a strong Q1 2020 with robust capital equipment sales and Galaxy® scanning service income, followed by a sharp drop in revenue in Q2 2020 with the onset of the pandemic.
Revenue of $18.6 mn in H2 2020 comprised a weak Q3 2020 and a strong rebound in Galaxy® scanning service income in Q4 2020. The Group’s operating expense reduced by 22% in FY2020 as compared to FY2019. Due to the cost reductions implemented in FY2020, coupled with the product mix, the loss of $1.4 mn in FY2019 was reversed to a net profit of $2.4 mn in FY2020.
Net profit in H1 2020 and H2 2020 was similar at $1.2 mn, with H1 2020 benefiting from a strong Q1 2020 and H2 2020 from cost reductions and the strong rebound in Galaxy® scanning service income in Q4 2020. A final dividend of US 0.5 cent, subject to Annual General Meeting approval, was declared.
The total recurring revenues for FY2020 (including Galaxy® -related scanning, Quazer® services, polished diamond-related services and annual maintenance contracts) was approximately 50% of Group revenue.

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