Graff Diamonds Limited reported that its sales and profits fell sharply last year due to tougher market conditions in the global diamond market. Graff is a London-based jewelry company high-price segment.
The company said its revenue fell 32% to $ 500.2 million, and profit fell immediately by 74% to $ 32.1 million in the reporting period.
Revenue Graff Diamond Holdings, which includes an international enterprise group, was $ 723 million.
The drop in sales and profits of export-oriented products from the UK, was due to lower demand for diamonds worldwide and due to the deterioration of consumer sentiment in Hong Kong and China.
"Despite the economic problems in certain regions where we operate, we achieved robust financial results Graff Diamonds Holding Group due to inventory management products, as well as preservation of investment in profitable long-term projects", - said Laurence Graff (Laurence Graff), Chairman of the Board of Directors .
Graff heads "satisfied" with the results of its operations, said Brian Bamberger (Bryan Bamberger), company secretary.
The company entered new markets in 2015, opened a boutique in Nagoya, Japan, in Studio City in Macau and on the promenade in Gstaad, Switzerland. Graff also expanded its presence in Harrods, the London department store. Also, stores that were opened in 2014 in Zurich, Hong Kong and Japan, continue to show successful results, added to the company. Additional stores will be opened in 2016 on the Place Vendome in Paris, as well as in Macau and Texas.
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Sarine Group acquired the technology and assets DiaMining, which develops mobile applications for the system sales organization (Point of Sale, POS) in the field of precious stones and jewelry.
DiaMining solutions offer retailers and wholesalers advanced and most modern POS-solutions, which combine integrated multi-level product information and digital images to choose from.
DiaMining applications offer seamless integration with many widely used accounting control systems (inventory management systems, IMS). This feature allows sellers to showcase its entire available inventory, whether in a particular store, in any of the shopping chain points in a warehouse, or even show products that are available only through the vendor. The seller can effectively pre-sell jewelry and only then purchase the necessary raw materials, which significantly reduces the storage costs. DiaMining application available for Android and IOS.
With this acquisition, the amount of which was $ 1.2 million in cash, Sarine will have access to a proven platform used by more than one hundred retailers, wholesalers and traders in the world's largest markets.
By integrating applications DiaMining Sarine Profile Products the company will have more opportunities to enter the markets of the USA, Asia and around the world.
Uzi Levami (Uzi Levami), CEO of Sarine, said: "The acquisition of DiaMining assets will Sarine better support our customers in their real sales points, as well as to accelerate the adoption Sarine Profile User as part of the sales of diamonds or gemstones can be integrated with the systems. control accounting of our clients and will enable us to provide a more comprehensive solution and offer our customers significant cost savings in procurement and inventory management. "
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