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.






 

Comments

Post a Comment

Popular posts from this blog

GJEPC championing talent, celebrate design & craftsmanship

Image
The 7th Artisan Jewellery Design Awards held in Mumbai   The 7th edition of The Artisan Jewellery Design Awards, hosted by the Gem & Jewellery Export Promotion Council (GJEPC) and powered by GIA, challenged designers to tap uncharted territory by integrating unusual materials and cherished objects into their jewellery designs, to infuse their pieces with a unique identity.   Actress and style icon Sonam Kapoor graced GJEPC’s 7th edition of Artisan Jewellery Design Awards in Mumbai and presented awards to winners. Sonam Kapoor graced the stage with an aura of elegance and charisma along Vipul Shah (Chairman, GJEPC); Kirit Bhansali (Vice Chairman, GJEPC); Sriram Natarajan (Managing Director, GIA India); Milan Chokshi (Convener, Promotions & Marketing, GJEPC); Sabyasachi Ray (Executive Director, GJEPC) bestowed the coveted awards upon 6 Artisan winners.  This year the theme for the Artisan Jewellery Design Award were two unconventional themes - Objet Trouvé (Foun...
Read more

Senco Gold & Diamonds Launches Special Jewellery Line to Commemorate Ram Mandir Pran Pratistha

Image
 Honoring Ram Mandir Inauguration: Senco's SiyaRam Collection - A Timeless Expression of Love! Senco Gold & Diamonds, the pan India jewellery retailer with a legacy of eight decades, has announced the launch of a special 'SiyaRam Collection' in honour of the Ram Mandir inauguration in Ayodha (Ayodhya) on January 22.  This collection pays tribute to the enduring bond of devotion between Ram, Sita, Lakshman, and Hanuman, and celebrates the upcoming temple, set to be a beacon of cultural, spiritual, and social unity during the sacred "Pran Pratistha" of Lord Ram. The contemporary and meticulously crafted, SiyaRam Collection comprising beautiful pendants; necklaces; and earrings, pays homage to Ram as the ideal leader, Sita as the ideal wife, Lakshman as the ideal brother, and Hanuman as the ideal worshipper, embodying virtues that transcend time.  Its intricate designs perfectly capture the grandeur of Ram Mandir, commemorating the legendary moment of Ram and Sit...
Read more

Senco Gold & Diamonds Becomes First Indian Jewellery Brand on ONDC, Expanding Reach and Accessibility Nationwide

Image
Legacy meets Innovation: Senco's Hallmarked Collections Now Available on ONDC, Redefining the Jewelry Shopping Experience  Senco Gold and Diamonds, India’s leading jewellery retailer with eight decades of legacy and over 150+ showrooms nationwide announced that it has joined Open Network for Digital Commerce (ONDC) Network, marking a significant milestone as the first national jewellery brand to showcase hallmarked products on the ONDC platform. Through this maiden integration, Senco Gold & Diamonds extensive catalogue will be available across various shopping apps within the expanding ONDC Network, facilitating smooth and efficient transactions. This strategic move will have a catalytical impact on Senco Gold and Diamonds and will help the brand to expand its customer base, providing its exquisite and unique designed jewellery by famous karigars of Bengal, to potential buyers across all ONDC seller apps.  This collaboration will also align seamlessly with the company’s ...
Read more