Recently, Sarine Technologies Ltd presented their Minutes of the annual general meeting of the company held in Singapore.in the questions and answers session the Chairman of the Board of Directors, Mr. Daniel Benjamin Glinert replied on India’s market share.
Glinert said, in response to a question with regard to the decline in India’s share in the Company’s revenues, the CEO noted that, while India is still responsible to approximately 90% of the activities in the midstream segment, there are several processes.
Which affect its share of Sarine’s revenues: during the last few years there has been a significant shift of manufacturing activities (especially of large stones) to the producing countries (Botswana, Namibia, and Angola).
Sarine has increased its activities in the downstream segment – with companies such as Chow Tai Fook, Tiffany and Boucheron, so that the increase in such segment shall contribute to Sarine’s aggregated revenues – but shall reduce India’s relative share in the aggregated revenues (but not necessarily the actual amount of India-related revenues).
The CEO noted that, while sales in India continue to be affected by piracy, the Company has taken and will continue taking an array of steps (legal, as well as technical and commercial steps – to provide more value to the “lawful” customers) to fight piracy, and apparently has sent a clear message to current and potential pirates and to Indian manufacturers.
Therefore, it appears that the Company has managed to limit and deter illegal competition – at least to a certain extent. The CEO added that the Company shall continue to take aggressive steps, legal, regulatory and commercial against pirates.
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