Israel-based diamond tech company Sarine Technologies has announced that its revenue for the first half of 2022 dropped 13% year-on-year to $31.2 million, mostly because of “the ongoing war in Ukraine and resulting sanctions on Russia,” according to IDEX Online.

While sales of capital equipment fell by about 30% due to “ geopolitical uncertainties,” recurrent revenue from both rough and polished diamonds expanded and comprised over half of overall earnings.

According to the company, “geopolitical developments, primarily the war in Ukraine and an increasingly inflationary economic environment, along with ongoing outbreaks of Covid-19 in China and the corresponding lockdowns imposed on some major cities, had an overall negative effect on business conditions, primarily in the second half of H1 2022. Notwithstanding the challenging business environment, the group realized robust results.”