| Hong Kong Jewellery 香港珠寶
News & Highlight


Sarine Completes Acquisition of Majority Stake in GCAL For $5.65M

Sarine Technologies announced the closing of the acquisition agreement between Sarine and the New York-based Gem Certification & Assurance Lab (GCAL) on 9 May 2023.


The merger creates a robust synergy between Sarine’s technologies, and its revolutionary AI-derived cloud-based on-site e-Grading™ system and verifiable data-based Sarine Journey™ traceability paradigm, and GCAL’s strong brand in the US market and uncompromising quality control, backed by its industry-unique, consumer money-backed guarantee. The new

merged entity, GCAL USA, will be part of Sarine but will continue to be led and managed by GCAL’s management team, which will retain a significant interest in the company as part of the deal.


Sarine will own 70 percent of GCAL USA, for a total cash transaction price of US$5.65 million. Based on 2022 results, the merger will increase Sarine’s profitability by some 7 percent on a proforma basis, not counting additional immediate cost savings of an estimated US$0.5 million per year and

potential cost savings of up to an additional US$0.5 million per year.


GCAL's existing customers will continue to receive GCAL’s grading and certification services uninterrupted. In addition, U.S. (and worldwide) customers will be able to receive their guaranteed GCAL grading certificates not only for polished diamonds graded in the U.S. for specific programs,

but also for the many diamonds processed through Sarine's growing installed base of grading systems in the various manufacturing hubs, that will enable grading and sorting on-site at a fraction of the time and without the indirect costs of sending to a third party external gem lab, along with

optional verifiable traceability data.


David Block, Sarine’s CEO commented: “I am thrilled by the opportunities created by this merger. First and foremost, because we have found a partner that shares our values — quality, consistency, reliability, transparency and customer centricity. Secondly, I truly believe that the merger will provide the US and other markets a much-needed solution to their pressing concerns for fast, accurate, consistent and efficient grading, along with optional provenance data, critical in these times of geopolitical unrest. I have absolute confidence in GCAL’s founders' commitment to these common principles, whom I welcome into the Sarine family, and in the leadership they will continue to provide to our joint endeavour in the years to come.” (Photo courtesy: Sarine Technologies)



← Back