(PRESS RELEASE) HOD HASHARON (ISRAEL) — Singapore Exchange Mainboard listed Sarine Technologies Ltd (“Sarine” and along with its subsidiaries “the Group”) (U77:SI), announces its advanced scanning capabilities for rough diamond trading is expanding rapidly, enabling the market to trade rough diamonds digitally and efficiently.
Sarine’s solution provides both rough diamond producers and tender houses, as well as the rough diamond buyers with the ability to trade rough more efficiently than ever before. The diamonds are first scanned on Sarine’s DiaExpert and Galaxy systems for external and internal features. Once scanned an Advisor planning file is created which provides potential customers with the ability to plan and determine the true value of the polished diamonds that could be extracted from each rough diamond, and thereby determine on which diamonds they should optimally bid.
Stargems, which sources rough diamonds and organizes tenders, and which has just set a Dubai tender record for the amount of sales, is one of the tender houses that has started utilizing this solution. Bhavesh Javeri, CEO of Stargems said: “By utilizing Sarine’s solution, through the Trigem service center in Dubai, we are able to provide our customers with the best service possible, providing accurate data in advance which enables maximal confidence in the purchase.” Mr. Javeri added: “Covid-19 is definitely a catalyst for our digital tenders which have rapidly become an important platform for rough diamond sales. Furthermore, we are confident that the digital tenders with Sarine’s data provide significant value also in the cases where buyers can physically inspect the diamonds, making this platform essential for business stability and prosperity in these uncertain times.
David Block, CEO of Sarine Technologies, said: “We are pleased that the data we provide is enabling efficient and confident trading, contributing both to buyers and sellers. Due to the fact that our planning products have become an industry standard, rough sellers are able to reach the vast majority of the potential market by simply sending them digital files. We are proud to support the many new rough producers who have adopted this solution and are very glad that Stargems, one of leading rough diamond tender houses, is pioneering the use of our digital technologies in the largest tender ever held in Dubai”