(PRESS RELEASE) HOD HASHARON (ISRAEL) – Singapore Exchange Mainboard and Tel Aviv Exchange listed Sarine Technologies Ltd (“Sarine” and along with its subsidiaries “the Group”) (U77:SI; SARN.TA), a worldwide leader in the development, marketing and sale of precision technology solutions for the evaluation, planning, processing, measurement, grading and trading of diamonds and gems, announces the signing of a collaboration agreement with the De Beers Group subsidiary, Tracr™ Limited (“Tracr”), the world’s first fully distributed diamond blockchain platform enabling the registration of rough diamonds at source.
Enhancing its Diamond Journey traceability system, Sarine will now be able to integrate rough diamonds’ origin information registered on Tracr directly at the source, ensuring an unbroken trail of verification from source to market. Unlike most traceability solutions that rely on declarations from entities throughout the pipeline, the synergy between Sarine’s advanced scanning and identification technology and Tracr’s blockchain platform, together with both parties’ verification algorithms, provides an objective, algorithmically based traceability solution that is both scalable and highly efficient. The teaming of Tracr and Sarine capabilities enables large-scale, algorithmic diamond matching, boosting supply chain transparency.
A key feature of this collaboration is the availability of data relating to rough diamonds scanned at their source and registered on Tracr. This registration at source significantly enhances the veracity of the diamond’s provenance. Furthermore, commencing this year, De Beers provides single country of origin information for all its rough diamonds that are one carat and above and registered on Tracr. With over three million De Beers rough diamonds already recorded on Tracr, potential for further expansion from De Beers and other rough producing companies, this collaboration supports enhanced verifiable tracing of a diamond’s journey from mine to market at scale.
The cooperation between Sarine and Tracr means that these complementary verification capabilities can integrate seamlessly into existing supply chain workflows. Sarine’s widely adopted planning systems and digital infrastructure, combined with Tracr’s broadly implemented blockchain platform, enables rapid market adoption. To help ensure the integrity of the registered data, all data uploaded to Tracr’s and Sarine’s systems, obtained from planning systems, will need to comply with each party’s respective IP protection policies.
David Block, CEO of Sarine Technologies, stated: “This collaboration with Tracr brings tremendous value to polished diamond importers, wholesalers and diamond jewelry retailers seeking greater assurance of the origin and authenticity of their natural diamonds, whether to comply with regulatory requirements or to enhance consumer confidence in their diamond’s origin. By enabling the registration of diamonds at their source and the ability to trace them through the polishing pipeline, we can provide a verifiable, independent and objective solution. In today’s market, transparency backed by solid, verifiable data is essential and this new collaboration enables the industry to meet this expectation seamlessly. We are excited to collaborate with Tracr, a company dedicated to advancing blockchain-based traceability.”
Wesley Tucker, CEO of Tracr, added: “We believe this collaboration will deliver a step change in traceability and provenance assurance in the diamond industry. By enabling the connection between our blockchain technology and Sarine’s advanced precision technology, we are creating a new, cost-effective and highly scalable solution that can be implemented at pace. It has been great to work with Sarine on developing a solution that is both innovative and practical, and we see huge potential for it – both for meeting rapidly evolving consumer expectations and in support of the fast-changing regulatory landscape.”
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