Sarine Technologies has, on May 6, joined Antwerp-based company, HB, as a technology partner.
HB is a company that is focused on technology-driven sourcing, analysing, cutting and polishing of diamonds.
It is applying an “innovative methodology” that’s designed to simplify the complexities and challenges of the global diamond supply chain and enhance transparency.
Through the partnership, HB Antwerp authenticates each stage of its value chain, made in Antwerp, using its own unique blockchain and traceability proprietary technologies combined with Sarine’s traceability solution.
Sarine will also be providing its industry-leading Galaxy scanning, planning and AI-grading technologies, which will be fully integrated with HB’s proprietary technologies throughout the process, from rough sourcing to the final polished result.
Both companies have also agreed to explore the co-development of new technologies based on their R&D centres in Israel and Belgium.
HB Antwerp will pay Sarine based on a percentage of the value of the produced polished diamonds.
"HB Antwerp and Sarine have a solid foundation for cooperation, given Sarine's advanced technology and solutions, which synergize with HB Antwerp's unique capabilities and vision for streamlining the value-chain and providing the end consumers with the quality products they desire, along with the transparency and confidence they now demand. We welcome Sarine into our ecosystem and are looking forward to leverage on our combined capabilities,” says Rafael Papismedov, HB Antwerp's strategy director.
"HB Antwerp's ecosystem is a significant step towards the much-needed optimisation of the diamond industry value chain. This new paradigm combining producers, manufacturers and retailers underpinned by the latest technologies has the potential to revolutionise our industry. We are proud to be a partner in this new paradigm and are very excited about the potential of this new and innovative ecosystem,” adds David Block, CEO of Sarine Group.
Shares in Sarine Tech closed 1 cent higher or 1.8% up at 57.5 cents on May 6.
