Sarin Technologies, a worldwide leader in the development of innovative instruments for the diamonds and gems industry, released its quarterly performance report, noting "stellar" financial results.

In a press release, the diamond-tech innovator said the company's net profit for the first quarter of 2010 came to $4.4 million – off record quarterly revenue of $13.6 million.

Sarin said that ongoing industry recovery and positive momentum in Galaxy-related activities underpinned robust revenue growth. The company's gross profit margin in Q1-2010 was 69%, while net profit margin was 32%.

“We recorded a sterling performance in Q1. We are pleased that the roll-out of our GalaxyTM 1000 product is progressing well, with deliveries in the first quarter of 2010 continuing on a very select basis, as planned. We achieved a number of notable milestones in Q1 2010, including the opening of a full service centre in Belgium and BHP Billiton’s decision to adopt the GalaxyTM 1000 to aid in the sale of its rough diamonds to customers in upcoming spot market auctions," said Uzi Levami, the group's CEO.

"With these, Galaxy-related activities continued to contribute over 10% of Group revenue during the quarter. In view of the growing demand for GalaxyTM 1000 from leading customers from all major diamond centers, additional installations in existing and new service centers such as the USA, Africa and China are planned and continuing and accelerated deliveries of systems to customers are expected in the upcoming quarters,” he added.