Singapore Exchange Mainboard listed Sarine Technologies Ltd, a worldwide leader in the development, manufacturing, marketing and sale of precision technology products for the evaluation, planning, processing, measurement, grading and trading of diamonds and gems, is pleased to announce the signing of a strategic cooperation agreement with the DELGATTO Diamond Finance Fund (DDFF).
The DDFF is introducing the “Del Gatto 360, Powered by Sarine” service for rough diamonds. This new and 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.
The DDFF, today's largest non-bank diamond financing entity, offers flexible, collateral based structures to the global diamond industry value chain. 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. 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. Until now assessing rough diamonds was an inaccurate subjective process, at best. This, along with the difficulty in providing unique identification means, reduced their attractiveness as collateral.
The DDFF and Sarine's groundbreaking cooperation utilises Sarine’s various proven industry-leading technologies, including the Galaxy® and DiaExpert® platforms along with the Advisor® and related software processes, to accurately, objectively and rapidly evaluate rough diamonds, as well as uniquely tagging them, with the result being the ability to reliably ascertain the optimally produced polished diamonds' potential value, and hence confidently provide financing. The DDFF will apply Sarine’s technologies to evaluate if the rough diamond is eligible for the requested financing, and at what level.
When the diamond's owner accepts the financing, the DDFF further offers the option to cut and polish the rough stone in either of its cutting facilities, in Dubai or New York. All diamonds that will be manufactured by the new Del Gatto 360 solution will optimally implement Sarine’s latest cutting-edge systems and software, ensuring the realisation of the rough diamonds' full potential, along with fully documented transparency throughout the process. Sarine will be remunerated based on a percentage of the financing extended by the DDFF, with additional remuneration, if the financed entity opts for the Del Gatto 360 extended services – manufacturing and/or sales.
Chris Del Gatto, Chairman and CEO of the DDFF said, “For the first time ever, all the elements of the diamond supply chain are aggregated and made simple due to the joining of Sarine’s technologies and DDFF’s alternative financing solutions. 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, “We are thrilled to support our industry in yet another one of its requisite pillars – efficient financing. 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”. Mr. Block added, “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.”