Sarine Technologies Ltd has announced the acquisition of the technology and assets of DiaMining, an established developer of Point of Sale (POS) applications for diamonds, gemstones and jewellery, saying the move will provide them with a proven platform for its Sarine Profile™. The acquisition was for consideration of US$ 1.2 million in cash, the Company said.

DiaMining's solutions offer retailers and wholesalers advanced state-of-the-art POS solutions that combine comprehensive multi-layered product information and digital imagery (still and video) of their choice. Thr apps seamlessly integrate with many commonly used inventory management systems (IMS) and can easily be integrated to others. They are available for Android and iOS enabled devices.

The technology also allows the user to define inter-relationships between various suppliers' stocks, such as linking a jewellery setting from supplier A to possible stones from suppliers X and Y. A seller can effectively pre-sell jewellery and only subsequently acquire the necessary components, significantly reducing inventory costs, Sarine said.

The incorporation of DiaMining's apps into Sarine's offerings will facilitate Sarine Profile's™ reach as it further penetrates these markets in the US, Asia Pacific and worldwide.

Uzi Levami, Chief Executive Officer of Sarine stated, "Sarine's acquisition of DiaMining's assets will enable us to better support our customers at their actual points of sale, and to accelerate the Sarine Profile's™ adoption as an integral part of the diamond or gemstone jewellery sales process. The ability to integrate with our customers' inventory management systems will also allow us to provide a more complete solution and to offer our customers significant cost savings in inventory procurement and management."

MoU with IDE
In a separate announcement, the Israel Diamond Exchange (IDE) said it had approved a Memorandum of Understanding with Sarine, under which the latter wil disclose to IDE members if “inclusion mapping” using the Galaxy™ system has been undertaken on specific rough stones.

The agreement will ensure that rough diamond sellers will not be able to conceal from purchasers that prior inclusion mapping has taken place.

IDE President Yoram Dvash said, “The Israel Diamond Exchange aims to achieve maximum transparency for the benefit of its members and the industry as a whole. This is one of the important steps we are taking to achieve that goal."

Sarine CEO Uzi Levami explained, "Sarine collects and stores the information of all unmarked stones that are scanned by our Galaxy™ machines. Upon request, we will provide this information to the Israel Diamond Exchange, its members and its tenants. We look forward to working with the IDE to enhance the processes of rough trading, using our technology to improve transparency for members of the IDE."