India Upturn Boosts Sarine's Results

RAPAPORT... Sarine Technologies, which supplies equipment to diamondmanufacturers, saw revenue rise in the first quarter, driven by increased salesof its Galaxy system in India. Group revenue for the period grew 2% year on year to $16.7million, the Israel-based company reported last week. Sales to India, itslargest market, rose 4% to $13.5 million, outweighing a 42% drop in sales toEurope, which amounted to $344,000. Revenue from Israel climbed 16% to $1.1million, while sales to the African market grew 24% to $854,000. The performance of Sarine, which sells diamond-mapping technology and otherequipment, is considered an indicator of the strength of the manufacturingsector. The company noted that rough-diamond prices had increased this year, but said that had not significantly impacted the midstream sector. The global economy is strong, and diamond businesses are showing prudent inventory management, it added.The diamond-technology company's profit jumped 27% to $3.1million due to lower operating costs and changes to its tax expenses.