(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, manufacture and sale of precision technology products for the evaluation, planning, processing, finishing, grading and trading of diamonds and gems, is delighted to announce that its Galaxy family of scanning and inclusion mapping systems is now offering a Pay Per Value (PPV) service.
Since its introduction in 2009, pricing of the inclusion mapping services offered by our Galaxy family of systems has been solely based on the weight of the scanned goods, derived from a Price-Per-Carat (PPC) price list. This often created conditions where it was less economical, or even economically unviable, to scan even large lower quality rough diamonds.
Derived once again from artificial intelligence (AI) technology, we have developed a classifier that, based on their overall internal features, automatically recognizes the value of natural rough diamonds as being under a certain value per carat, currently for stones from 2.5 to 10 carats. The new PPV feature utilizes this new technology to classify the natural rough diamonds value range and automatically discounts the PPC pricing to adjust for the stones’ realistic value. This empowers cost effective scanning of lower quality stones, which have not been scanned to date as the value proposition did not support their scanning, significantly broadening the addressable market for our Galaxy services. As we are continuing to develop our AI classifiers to additional quality / price ranges, we will ultimately be able to provide cost-effective inclusion scanning services for virtually all rough diamonds.
David Block, chief executive officer of Sarine, stated, “Throughout the years, we have been aware of our customers’ conundrum of not being able to cost-effectively scan all their various qualities of natural rough diamonds, precluding them from taking advantage of this critical technology in their subsequent planning decision making processes. We are therefore, once again, proud to introduce these new AI-based services to address our customers evolving needs, allowing the application of our most advanced scanning and planning technologies, as embodied in our recently launched Advisor 8.0 package, to all qualities of natural diamonds. We expect this new capability will expand the market for our Galaxy systems and services, as we estimate that some 15% of the larger rough diamonds were not till today scanned, due to the previous pricing paradigm, which the new PPV offering resolves. No less importantly, we believe the PPV pricing will eliminate an avenue leveraged by our illicit competition to offer their IP-infringing lower-priced services for lower quality goods.”