Mainboard-listed Sarine Technologies, the manufacturer of equipment for grading diamonds and gems, has, on May 25, entered into a strategic collaboration agreement with the Constell Group, which offers a wide range of services including the sorting of rough stones, polishing and other logistical services.
The cooperation is not new to both companies, who have worked together previously “for many years”.
According to a statement by Sarine Tech, both parties have now “decided to proceed to the next level” with this strategic cooperation.
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The partnership will see both Sarine Tech and Constell Group provide technological solutions for the “current and evolving needs” of the rapidly expanding lab grown diamonds (LGD) segment.
“The cooperation will allow customers to benefit from more competitive pricing,” reads the statement from Sarine on May 25.
Under the business model, Sarine Tech will be paid based on each stone processed, regardless of the technologies used.
“Sarine’s technological leadership combined with our diamond expertise and experience in many varied fields will enable our customers to benefit from a premium service at a beneficial price. We believe that the application of Sarine's advanced technological solutions to many of the currently manual processes will increase the realised value significantly, and we are fully commited to bringing this evolution to the burgeoning LGD market,” says Meir Boukris, executive chairman of the Constell Group.
"Having worked together for many years, we are honoured to collaborate with Constell, which shares our vision for the diamond industry value chain.T he rough-to-polished pipeline is rapidly changing, and to adapt to market developments significant technological developments are needed, which we have been and continue to passionately develop,” says David Block, CEO of Sarine Tech.
“In addition to our innovations directly contributing to the optimisation and streamlining of the polishing process, we see significant added-value in our groundbreaking Traceability and e-Grading solutions, which can be applied to LGD equally as to natural diamonds, to ensure a verifiably sustainable supply of diamonds to a rapidly changing consumer environment,” he adds.
Shares in Sarine Tech closed flat at 58.5 cents on May 25.
