Sarine challenges and opportunities in FY2023

Sarine technologies leveraging AI for LGD Grading 

Recently Sarine Technologies Ltd presented their Review of FY2023 and said, “FY2023 A Challenging Year!” Further Sarine said, in any new equilibrium for the diamond industry, LGD are expected to account for a meaningful portion of the diamond jewellery market. 

To adequately address this segment, we have adopted Gem Certification & Assurance Lab (GCAL)’s work procedures, and our LGD-focused GCAL by Sarine grading lab in India commenced operations in January this year. 

Adaptation of our AI-derived grading technologies to LGD will enable further expansion of this service. We aim to attain an 8-10% share of the estimated US$ 100 million LGD grading segment in FY2024. 

This month, we launched the utilisation of our industry-leading rough planning technologies on LGD on a pay-per-carat service basis. Initial responses have been positive with recurring revenue already being generated. 

Additional LGD manufacturers, currently testing the offering, may be adopting it soon as well. The AutoScan Plus and Sarine Diamond Journey combined solution provides a cost-effective means to address the environmental, social and governance (ESG) issues that concern retailers, especially luxury brands and new customers will be added in 2024. 

The G7 countries have implemented tighter sanctions on Russian-sourced diamonds, banning importation of polished diamonds over half a carat in stages throughout 2024. 

If their enforcement is predicated on a verifiable source traceability system, we are confident that the AutoScan Plus and Sarine Diamond Journey can provide a scalable (an estimated 3 million plus diamonds of the relevant sizes are polished annually) accurate and cost-effective means to meet the mandated requirements with minimal overhead or disruption to the diamond value chain.






 

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