Israel-based Sarine Technologies Ltd. and the Constell Group have decided to take their existing business ties to the next level by entering into a strategic collaboration agreement that will initially focus on the rapidly growing segment of lab-grown diamonds (LGDs).
Constell, which has operations in India and Southern Africa, employing more than 4,000 people worldwide, offers a broad range of services including sorting of rough stones, polishing and other logistical services. Constell focuses on serving the entire diamond industry, primarily focused on aiding the midstream to cost-effectively and seamlessly transform raw materials to finished gems.
Sarine noted that its existing cooperation with Constell has benefitted both parties for many years. The aim of the joint effort is to forge a closer cooperation that will quickly and efficiently provide technological solutions for the current and evolving needs of the rapidly expanding LGD segment, it added. The cooperation will allow customers to benefit from more competitive pricing. The business model will remunerate Sarine based on each stone processed, regardless of the specific technologies applied in the processing.
Meir Boukris, Executive Chairman of Constell, said: “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 committed to bringing this evolution to the burgeoning LGD market.”
David Block, CEO of Sarine Technologies, commented: “Having worked together for many years, we are honored to collaborate with Constell, which shares our vision for the diamond industry value chain.The 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. “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.”