Pandora’s endorsement of lab-grown stones will not devalue natural diamonds – Zimnisky

Jewellery retailer Pandora recently announced that it will no longer purchase natural diamonds as it had switched to lab-grown diamonds. However, diamond market analyst Paul Zimnisky told Rough&Polished’s Mathew Nyaungwa in an exclusive interview that...

07 june 2021

“The volume of Forevermark diamonds that we drive through Indian partners is much higher than in other parts of the world,” says Sachin Jain

Sachin Jain has been a part of the Indian arm of De Beers that dates back to 2010 when he came on board as Head of Retail. In year 2014 he took over as President of Forevermark and today he is the Managing Director of De Beers, India. His single-minded...

31 may 2021

GSI's new Jaipur office to specialize in colored gemstones

Gemological Science International (GSI) has opened a new laboratory in Jaipur, India. Since this state is the capital of colored gemstones, the laboratory will have a dedicated division specializing in colored gemstone geographical origin and...

24 may 2021

“We welcome the mandatory hallmarking in the interest of consumers, but it is also essential to have proper and evenly spread infrastructure across India,” asserts Ashish Pethe, Chairman, GJC

Ashish Pethe, Chairman of All India Gem and Jewellery Domestic Council (GJC), formerly known as All India Gems & Jewellery Trade Federation (GJF) is based in Mumbai. As the third-generation heir of M/s Waman Hari Pethe Jewellers established...

17 may 2021

ALMAR is a case in point that will serve to develop the process of funding junior companies and geological exploration in general

Arkticheskaya Gornaya Kompaniya (AGK, Arctic Mining Company) develops the diamond deposits in the Lena-Anabar diamondiferous sub-province of Yakutia under the ALMAR (Diamonds of the Arctic) brand. This company attracts investments for...

10 may 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