While sales of traditional capital equipment dropped 37% in the first six months of the year due to unfavorable conditions in natural diamond manufacturing, the company saw an 11% increase in recurring fees from existing hardware usage, which now makes up over 70% of its revenue.
This growth was largely driven by the introduction of the Most Valuable Plan for small, natural rough diamonds and the adaptation of Sarine's rough planning technologies for lab-grown diamonds, which surpassed expectations.
Sarine also benefited from cost-cutting measures, the opening of a GCAL by Sarine lab in India—primarily serving the lab-grown diamond industry—and the launch of technology addressing ESG concerns and G7 sanctions on Russian diamonds.
The company's net profit rose by 7.2% to $1.02 million in H1 2024, recovering from a $2.8 million loss in 2023, following an $8.8 million profit in 2022.
Based in Israel, Sarine noted that ongoing hostilities involving Hamas and Hezbollah had minimally impacted its operations, though some younger employees had been called up for reservist duty.
