25 Apr 2017
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Sarine acquires technology and assets of DiaMining
This acquisition is for a consideration of US$ 1.2 million in cash
By: Diamond World News Service
May 31 2016 9:21AM
Reference: 13079  

Sarine Technologies Ltd acquired the technology and assets of DiaMining, an established developer of Point of Sale (POS) applications for diamonds, gemstones and jewellery. DiaMining's solutions offer retailers and wholesalers advanced state-of-the-art POS solutions that combine comprehensive multi-layered product information and digital imagery of their choice.

By creating an informative and stunning display, with still and video imagery along with actual merchandise details, the app is designed to wow the buyer, be it a professional or a consumer, and close the sale. DiaMining's apps seamlessly integrate with many commonly used inventory management systems (IMS) and can easily be integrated to others. This capability enables sellers to showcase their entire available inventory, whether in the specific store, at any other of a chain's outlets, in the back office or even still at their suppliers.

Furthermore, by allowing 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, DiaMining's apps can even create virtual inventory. DiaMining's apps can thus become a key link in the supply chain by simplifying the complex end-product definition process, often made-to-order as customary in the industry. A seller can effectively pre-sell jewellery and only subsequently acquire the necessary components, significantly reducing inventory costs. DiaMining's apps are available for Android and iOS enabled devices.

This acquisition, for consideration (based on arm’s-length negotiations with DiaMining’s management) of US$ 1.2 million in cash, provides Sarine with a proven platform, already used by over a hundred retailers, wholesalers and traders in major markets worldwide, for its Sarine Profile™. It opens an additional important channel for the proliferation of the Sarine Profile™ into the retail and wholesale segments of the diamond industry as well as the closely linked gemstone and jewellery industries, previously not directly addressed. 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.

Mr. 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."

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