Sarine Technologies Ltd, a worldwide leader in the development, manufacturing, marketing and sale of precision technology products for the evaluation, planning, processing, measurement, grading and trading of diamonds and gems, announces its financial results for the twelve months ended 31 December 2023. Out of the full report, here are the key highlights!

1: Macro-economic challenges coupled with disruption by Lab Grown Diamonds (LGD) negatively impacted consumer demand for natural diamonds in FY2023.

2: With lower consumer demand, manufacturers reduced polishing activities impairing Sarine’s sale of equipment and recurring scanning revenues.

3: Although macro-economic headwinds persist (mainly in China), the disruption by LGD may be waning due to the sharp fall in LGD retail prices (lowering retailers’ margins) and possible growing consumer recognition that LGD are not always substantially more environmentally friendly.

4: Lower inventory of natural polished diamonds at FY2023 year’s end and the significant 15-20% reduction in natural rough prices in January 2024 may further stabilise the diamond industry.

5: The forecast improvement in prospects for the natural diamond industry in 2024 will benefit Sarine’s core businesses.

6: Sarine launched in Q1 2024 an expansive portfolio of new businesses and services which are adding new customers and new recurring revenues:

(i) Most Valuable Plan (MVP) paradigm for the optimal planning of small rough diamonds,

(ii) Adaptation of rough planning technologies to LGD,

(iii) GCAL by Sarine LGD grading lab in India, and

(iv) new AutoScan Plus and Journey combined solution to address ESG issues and G7 sanctions on Russian-sourced diamonds.