GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

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

Sarin Technologies' 3Q Revenues -29%

10 november 2009

Sarin Technologies, which manufactures tools for the diamond industry, reported that its revenues fell 29 percent to $6.3 million in the third quarter that ended on September 30, 2009. The company attributed the drop to the “continued fall-out from the global recession,” but noted that the recession appears to have bottomed out in the first quarter, RAPAPORT reported. “Business has been trending upwards over the past two quarters,” company spokespersons explained. Still, Sarin's net profits were 59 percent lower than one year ago. 
North America was the only region to show positive year-to-year growth, with sales there rising 43 percent to $516,000. Sarin saw sales in India, its biggest market, decline 25 percent to $5 million, while its sales in Africa dropped 66 percent to $174,000 and by 77 percent to $153,000 in Europe. Sales in “other” markets fell 23 percent to $457,000, according to the report.
“The diamond business in the United States remains slow,” said Uzi Levami, chief executive officer (CEO) of Sarin. “Conversely, the market in Asia in general, and in China in particular, is expanding significantly and has become the driving force behind the current industry recovery.”
Levami added that while there are indications of an upward trend in diamond manufacturing through the fourth quarter, it is premature to predict whether this trend will continue through 2010. “We believe further recovery is dependent on sales and confidence data from the upcoming holiday season at the end of the current year,” he said.
In response to the weaker sales results experienced this year, Sarin implemented cost-cutting measures that saw it cut third-quarter spending on research and development by 35 percent, sales and marketing expenses by 34 percent and general and administrative expenses by 55 percent. The company stated that it would focus its research and development initiatives on projects that are expected to contribute to revenues over the next 12 months. These include its recently launched Galaxy 1000 product, its flagship rough planning products and its polished planning products.
Sarin’s revenues for the first nine months of 2009 fell 69 percent to $11 million and moved to a net loss of $3 million from a profit of $6.2 million a year ago. Sarin has a 23 percent stake in Idex Online, for which its share of the loss amounted to $90,000 in the first quarter and $260,000 in the first half of 2009.