Sarine Technologies signed a strategic cooperation agreement with the Delgatto Diamond Finance Fund (DDFF), the largest non-bank diamond financing entity, to significantly expand rough diamond financing through utilisation of Sarine technological solutions.
In a separate release, Sarine noted that it had signed an MoU to purchase a majority share of the New York-based Gem Certification & Assurance Lab, Inc. (GCAL) against an all-cash consideration. GCAL is the only diamond and gemstone ISO 17025 Accredited Forensic Laboratory in the world, and the GCAL Diamond Certificate is the only diamond report backed by the unprecedented and industry exclusive Zero Tolerance 4C’s Consumer Guarantee.
The DDFF is introducing the “Del Gatto 360, Powered by Sarine” service for rough diamonds. This revolutionary program will employ Sarine’s technological solutions for uniquely mapping, identifying and evaluating rough diamonds, thereby significantly enabling the scaling up of DDFF’s financing operations of rough diamonds.
The new “Del Gatto 360 – Powered by Sarine” service will also provide interested parties a unique new capability to have the rough diamonds they acquired and financed optionally manufactured by the same one entity and in one place, with end-to-end traceability fully documented by the Sarine Diamond Journey™ solution.
With the unveiling of Del Gatto 360, Powered by Sarine, the DDFF will be able to both 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, Sarine said.
This unique agreement creates, for the first time, 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.
Chris Del Gatto, Chairman and CEO of the DDFF, said, “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.”
David Block, CEO of Sarine Technologies, commented, “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. 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.”
Don Palmieri, President of GCAL, observed, “Sarine’s introduction of its AI-derived and cloud-based eGrading has, for the first time ever, provided us with the means to resolve our conundrum of how to expand our business both locally and overseas beyond our immediate control, without compromising on our principles”.