David Block has his work cut out for him as CEO of Sarine Technologies.
The company’s revenue fell 9% to $39.2 million in 2024 as the manufacturers to which it sells planning and cutting equipment curtailed production. While the Israel-based company turned a profit of $1.1 million, mostly by reducing costs, its share price has been on a downward path for the past two years, falling around 55% since April 2023 on the Singapore Exchange and the Tel Aviv Stock Exchange.
This isn’t so bad compared to other diamond-related businesses, such as Gem Diamonds, Mountain Province and Petra Diamonds, yet the reliance on the volatile midstream is something the company clearly needs to address.
Sarine has expanded its business serving the lab-grown sector, which now contributes around 15% to 20% of revenues. But this is a less lucrative segment…
