Tel Aviv: Sarine Technologies expects fourth quarter revenue grew significantly as sentiment improved in the Indian diamond manufacturing sector, the diamond equipment supplier said in a trading update.
The company projected sales will surpass $18 million during the final three months of 2016, which would imply a 45 percent jump from a year ago but falls in line with the $18.3 million revenue recorded in 2014.
The company delivered a record 24 Galaxy inclusion-mapping systems in the final three months of 2016, bringing the total for the year to 84 versus 48 a year ago.
There was positive sentiment in the Indian diamond manufacturing sector despite India’s demonetization policy invalidating INR 500 and INR 1,000 currency notes, implemented on November 8, and the three-week Diwali holiday break around the same time, Sarine noted. India’s diamond trade accounts for approximately 75 percent of Sarine’s sales.