Recently, Sarine Technologies Ltd announced its financial results for the twelve months ended 31 December 2023. In the report Sarine presented their outlook for 2024 & Prospects! The outlook for interest rates has improved from late 2023. Most central banks have stopped further rate increases, and there is growing expectation that interest rates could start falling later in 2024.
Within the diamond industry, conditions have improved from the challenges of H2 2023. Year-end sales have reduced the inventory of polished natural diamonds and the substantial reduction in the prices of rough diamonds in January 2024 has improved the profit margins of manufacturers.
The market disruption caused by LGD may have peaked in 2023, and any recovery of the natural diamond industry in 2024 will benefit our traditional businesses of capital equipment sales and Galaxy scanning. The Group’s new services have received encouraging responses from industry participants, and we expect recurring revenue to continue growing from continued adoption in 2024.
Our recently launched Most Valuable Plan (MVP) paradigm for the optimal planning of rough diamonds 40 points and below will be extended to rough diamonds of up to 90 points in the second half of 2024. MVP has been proven to create significant added value for our customers, and its immediate addressable market will be the 27 million rough stones of these sizes scanned on our installed base of Meteorite Plus systems in 2023.
Also slated for release in 2024 is the Meteor Plus inclusion scanning system for stones up to 90 points, a segment in which an additional 6 million stones were scanned in 2023. These innovations should drive both legacy planning and Galaxy-family scanning systems capital equipment sales in 2024, in addition to their generation of a new recurring revenue stream.
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