📉💎 Sarine’s Revenue Dips 9% Amid Diamond Manufacturing Slowdown—But There’s a Twist
Sarine Technologies, the Israeli powerhouse behind diamond-grading tech, took a hit in 2024 as global diamond manufacturing cooled off—but managed to pull off a surprising turnaround on profits. 🧩
💰 Key Financials for 2024:
Revenue: $39.2M (▼ 9% YoY)
Net Profit: $1.1M (vs. $2.8M loss in 2023)
✅ Profit rebound driven by aggressive cost cuts
🔧 What Went Wrong?
Global oversupply and muted demand in the diamond midstream
Capital equipment sales (think scanners & grading machines) declined in most regions
💡 Slight relief came from recurring revenues—client usage fees for diamond scans and software now make up the bulk of earnings
Even the launch of new rough-planning tools for lab-grown diamonds couldn’t fully offset the slump
📉 Regional Breakdown:
🇮🇳 India: $19.4M (▼12%)
🌍 Africa: $5.1M (▼20%)
🇺🇸 US: $5M (▼2.2%)
🇪🇺 Europe: $3.1M (▲14%) ✅
🚛 What’s Next?
Sarine is:
🏭 Relocating manufacturing to India, its largest market, to cut costs
🔬 Launching a GCAL lab in India to support lab-grown diamond clients
🤖 Diversifying beyond diamonds via its new majority stake in Kitov.AI, a quality control (QA/QC) automation tech company
💬 Company statement:
“Weak demand in China and pressure from lab-grown diamonds continue to challenge the natural diamond sector—affecting prices, manufacturing, and ultimately our top line.”
TL;DR:
Sarine’s 2024 sales fell, but profits bounced back
Diamond manufacturing activity remains weak
India production shift + tech diversification = hopeful 2025 outlook
Lab-grown pressure isn’t going anywhere, and Sarine’s adapting accordingly
Tech in diamonds is evolving—and Sarine’s not sitting still. ⚙️💎