Sarine Technologies Ltd reported a 42 percent plunge in the second quarter revenue this year as demand for polished in its key markets weakened and rough prices rose.
Sales of this diamond manufacturing equipment maker slumped to US$14.4 million during the three-month ended June 30. Recurring sales, which account for about half of the company’s operating revenue, slid 20 percent, according to Sarine’s statement.
Sales from India, Sarine’s largest market, dived 48 percent to US$10.6 million, with sales dropping sharply in Israel and Africa as well. In contrast, sales jumped 94 percent to US$557,000 in North America and surged 128 percent to US$717,000 in Europe, two regions known for almost exclusively polishing large size diamonds in the world.
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