Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

De Beers’ GemFair ropes in more than 160 Sierra Leone artisanal miners

De Beers inaugurated its GemFair pilot programme in Sierra Leone’s Kono District with 14-member mine sites in 2018 to create a secure route to market for ethically sourced artisanal and small-scale diamonds. GemFair programme manager Ruby Stocklin-Weinberg...

16 august 2021

Sarine’s revenue increases 61% to $36.0M in H1 2021

05 august 2021
Sarine Technologies Ltd has announced its financial results for the six months ended 30 June 2021. During the period under review, a strong pick-up in manufacturing activities in India, which started towards the end of Q3 2020 continued into 2021. This recovery in rough diamond manufacturing was driven by strong demand for diamond jewellery, following the reopening of retail activities in key global markets in late summer 2020 and carrying over to a strong end of year holiday season in the US market and a buoyant Chinese New Year season in early 2021 throughout most of the Asia Pacific market.
The challenges and uncertainties of imminent lockdowns caused by the resurgence of the Covid-19 virus in India, kept most manufacturers operating throughout May and June, foregoing their summer vacations to meet demand for polished diamonds. With overall positive business conditions in H1 2021, the Group recorded revenue of $36.0 mn, an increase of 61% over the $22.4 mn realised in the corresponding period last year, which was negatively affected by global lockdowns.
Profitability in H1 2021 benefited from significantly higher revenue and gross profit margin, which expanded due to economies of scale with increased overall sales and a favourable product mix.
With the Group returning to mostly normal operations, following the cutbacks initiated in 2020 on the backdrop of the pandemic, Group operating expenses rose 10% to $13.1 mn. Notwithstanding this return to a higher level of expenditures, the robust revenue growth provided operating leverage for the Group's net profit to hit $12.6 mn in H1 2021, up from only $1.2 mn in H1 2020.

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