Sarine Technologies has signed a strategic cooperation agreement with the Delgatto Diamond Finance Fund (DDFF) to enable rough diamond financing on Jan 15. The DDFF is the largest non-bank diamond financing entity and offers flexible, collateral-based structures to the global diamond industry value chain today.
The fund will be introducing a new service for rough diamonds, which will employ Sarine’s technological solutions for its unique way of mapping, identifying and evaluating rough diamonds.
Named Del Gatto 360, Powered by Sarine, interested parties will now be able to finance the rough diamonds they have with end-to-end traceability fully documented by the Sarine Diamond Journey solution, says Sarine.
It adds that the unveiling of the new service will enable DDFF to “significantly” increase the amount of capital it provides to the rough sector of the supply chain, as well as expand the types of structures it offers.
In addition, the agreement is said to create a complete solution for entities in the diamond industry to easily access finance for sourcing of rough diamonds, as well as a full turnkey solution to manufacture and even sell the polished output. Before the establishment of the service, assessing rough diamonds was an “inaccurate subjective process, at best”.
Under the agreement, Sarine will be remunerated based on a percentage of the financing extended by the DDFF, with additional remuneration, if the financed entity opts for the Del Gatto 360 extended services – manufacturing and, or sales.
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“For the first time ever, all the elements of the diamond supply chain are aggregated and made simple due to the joining of Sarine’s technologies and DDFF’s alternative financing solutions. This opens up the sourcing process to everyone in the industry, even companies without the skill set of rough analysis or manufacturing, as well as providing the financial help to those that don't have the required capital. A seat is now being offered at what used to be a very exclusive table,” says Chris Del Gatto, chairman and CEO of the DDFF.
“We are thrilled to support our industry in yet another one of its requisite pillars – efficient financing. This is another example of our implementation of our strategy to create added value for our customers by utilizing the extensive data we generate throughout the diamond value chain, value which goes way beyond diamond manufacturing,” says David Block, CEO of Sarine Technologies.
He adds: “I am confident that the DDFF will now be able to increase the capital it injects into the market in a way that will create additional opportunities for the entire industry, in general, and particularly our many mutual clients.”
Shares in Sarine closed flat at 44 cents on Jan 13.
