Skip to main content Navigation

Articles and News

Sarine to Acquire Majority Stake in GCAL January 12, 2023 (0 comments)


Hod Hasharon, Israel--Sarine technologies said Thursday that it plans to acquire a majority stake of Gem Certification & Assurance Lab, Inc. (GCAL) in cash transaction. The two parties signed a non-binding memorandum of understanding (MOU) to proceed with the acquisition, following standard due diligence reviews and to reaching and executing a definitive agreement.

Sarine said in the statement that GCAL’s principals will continue to run gemological laboratory, and the lab will continue to offer its customers the same products and services. In addition, GCAL will continue to operate out of a single location in New York. However, with the implementation of Sarine's AI-derived cloud-based automated e-Grading, along with Sarine's diamond traceability Journey report, GCAL will be able to develop its services globally, while expanding its services to U.S. retailers and wholesalers, according to the statement.

Sarine and GCAL will cooperate on serving North American customers, as well as offer the industry B2B reports for generic non-branded diamonds. Sarine further said it will continue offer its services independently to its high-end branded luxury customers outside the U.S., and will also continue seeking mutually beneficial cooperative arrangements in additional geographies.

“Our aim is to provide accurate and consistent gemological services with uncompromising integrity and unparalleled customer care. With only one location in the USA, we have always had complete control of maintaining high standards, training and consistency. Sarine's introduction of its AI-derived and cloud-based eGrading has, for the first time, provided us with the means to resolve our conundrum of how to expand our business both locally and overseas without compromising on our principles,” said Don Palmieri, president of GCAL.

David Block, CEO of Sarine Technologies, added, “I am confident that GCAL, leveraging Sarine’s technologies, will be able to increase its market presence … without degrading from their industry-unique principles of guaranteed quality and consistency. No less importantly, Sarine will gain access to the Palmieri’s decades-long experience in managing a gem lab with the highest standards possible, and will gain a recognized and respected channel through which to offer the expansive key U.S. retail industry its grading technologies.” 

Share This:

Leave a Comment:

Human Check