{"id":25067,"date":"2024-02-27T11:04:20","date_gmt":"2024-02-27T05:34:20","guid":{"rendered":"https:\/\/gjepc.org\/solitaire\/?p=25067"},"modified":"2024-02-27T11:04:20","modified_gmt":"2024-02-27T05:34:20","slug":"sarine-swings-to-net-loss-of-2-8-million-in-2023","status":"publish","type":"post","link":"https:\/\/gjepc.org\/solitaire\/sarine-swings-to-net-loss-of-2-8-million-in-2023\/","title":{"rendered":"Sarine Swings To Net Loss of $2.8 Million In 2023"},"content":{"rendered":"<p>Israel-based Sarine Technologies reported a net loss of US$ 2.8 million on revenues of US$ 42.9 million (-27%) for the year that ended 31<sup>st<\/sup> December 2023 due to the economic headwinds in the U.S. and China markets and disruption caused by increasing consumer demand for lab-grown diamonds (LGD). In 2022, Sarine had recorded a net profit of US$ 8.8 million on revenues of US$ 58.8 million.<\/p>\n<p>\u201cIn the primary U.S. market concerns of a looming recession dampened consumer sentiment for much of the year, easing towards year-end. In China, the second most important market for diamond jewellery, negative news relating primarily to the real-estate market and fears of possible banking insolvencies impacted consumer spending and continue to do so. In addition, the rapid expansion of the LGD segment in the U.S. market in 2022 and 2023 disrupted demand for natural diamonds,\u201d Sarine said.<\/p>\n<p>Sarine\u2019s annual revenues from India dropped 27% to $30.3 million, while those from Africa halved to $13.6 million.<\/p>\n<p>The company was hopeful that the disruption by LGDs may be waning due to the sharp fall in LGD retail prices (lowering retailers\u2019 margins) and possible growing consumer recognition that LGD are not always substantially more environmentally friendly.<\/p>\n<p>The lower inventory of natural polished diamonds at FY2023 year\u2019s end and the significant 15-20% reduction in natural rough prices in January 2024 may further stabilise the diamond industry, it noted.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Israel-based Sarine Technologies reported a net loss of US$ 2.8 million on revenues of US$ 42.9 million (-27%) for the year that ended 31st December 2023 due to the economic headwinds in the U.S. and China markets and disruption caused by increasing consumer demand for lab-grown diamonds (LGD). In 2022, Sarine had recorded a net&hellip;<\/p>\n","protected":false},"author":1,"featured_media":25068,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-25067","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sarine Swings To Net Loss of $2.8 Million In 2023 - Solitaire magazine is a International jewellery magazine - India\u2019s leading B2B gem and jewellery magazine<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gjepc.org\/solitaire\/sarine-swings-to-net-loss-of-2-8-million-in-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sarine Swings To Net Loss of $2.8 Million In 2023 - Solitaire magazine is a International jewellery magazine - India\u2019s leading B2B gem and jewellery magazine\" \/>\n<meta property=\"og:description\" content=\"Israel-based Sarine Technologies reported a net loss of US$ 2.8 million on revenues of US$ 42.9 million (-27%) for the year that ended 31st December 2023 due to the economic headwinds in the U.S. and China markets and disruption caused by increasing consumer demand for lab-grown diamonds (LGD). In 2022, Sarine had recorded a net&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gjepc.org\/solitaire\/sarine-swings-to-net-loss-of-2-8-million-in-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Solitaire magazine is a International jewellery magazine - India\u2019s leading B2B gem and jewellery magazine\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-27T05:34:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2024\/02\/Sarine-Swings.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"540\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/gjepc.org\/solitaire\/#website\",\"url\":\"https:\/\/gjepc.org\/solitaire\/\",\"name\":\"Solitaire magazine is a International jewellery magazine - India\\u2019s leading B2B gem and jewellery magazine\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/gjepc.org\/solitaire\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/gjepc.org\/solitaire\/sarine-swings-to-net-loss-of-2-8-million-in-2023\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2024\/02\/Sarine-Swings.jpg\",\"width\":900,\"height\":540,\"caption\":\"Galaxy machine \\u00a9 Sarine Technologies\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/gjepc.org\/solitaire\/sarine-swings-to-net-loss-of-2-8-million-in-2023\/#webpage\",\"url\":\"https:\/\/gjepc.org\/solitaire\/sarine-swings-to-net-loss-of-2-8-million-in-2023\/\",\"name\":\"Sarine Swings To Net Loss of $2.8 Million In 2023 - Solitaire magazine is a International jewellery magazine - India\\u2019s leading B2B gem and jewellery magazine\",\"isPartOf\":{\"@id\":\"https:\/\/gjepc.org\/solitaire\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/gjepc.org\/solitaire\/sarine-swings-to-net-loss-of-2-8-million-in-2023\/#primaryimage\"},\"datePublished\":\"2024-02-27T05:34:20+00:00\",\"dateModified\":\"2024-02-27T05:34:20+00:00\",\"author\":{\"@id\":\"https:\/\/gjepc.org\/solitaire\/#\/schema\/person\/b614a6d604f6c36c387b4c876bb33d79\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/gjepc.org\/solitaire\/sarine-swings-to-net-loss-of-2-8-million-in-2023\/\"]}]},{\"@type\":[\"Person\"],\"@id\":\"https:\/\/gjepc.org\/solitaire\/#\/schema\/person\/b614a6d604f6c36c387b4c876bb33d79\",\"name\":\"GJEPC\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/gjepc.org\/solitaire\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f6c5b479a8ec14da0f88385e2b6cd51ccb37ac80c31409ecaebe5524700952a2?s=96&d=mm&r=g\",\"caption\":\"GJEPC\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","_links":{"self":[{"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/posts\/25067","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/comments?post=25067"}],"version-history":[{"count":1,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/posts\/25067\/revisions"}],"predecessor-version":[{"id":25069,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/posts\/25067\/revisions\/25069"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/media\/25068"}],"wp:attachment":[{"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/media?parent=25067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/categories?post=25067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/tags?post=25067"},{"taxonomy":"thb-sponsors","embeddable":true,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/thb-sponsors?post=25067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}