Hod Hasharon (Israel), 11 January 2023 – Singapore Exchange Mainboard listed Sarine Technologies Ltd (“Sarine” and along with its subsidiaries “the Group”) (U77:SI; SARN.TA), 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 non-binding MOU to purchase, subject to the  usual due diligence reviews and to reaching and executing a definitive agreement, a majority share  of GCAL against an all cash consideration.

The Gem Certification & Assurance Lab, Inc. GCAL is a highly respected gemological laboratory  founded in 2001 by Mr. Don Palmieri, a veteran of over 50 years in the diamond industry, and his  wife, Pamela. Today, it operates as a family-owned business in New York City, on the city’s famous  Diamond Way, at the corner of Fifth Avenue and 47^th Street, with son Angelo in the role of Chief  Operations Officer (COO). GCAL provides services for the grading and certification of natural and  lab-grown diamonds, coloured diamonds, coloured gemstones, pearls and precious metals. GCAL  is the only diamond and gemstone ISO 17025 Accredited Forensic Laboratory in the world, and,  most importantly, in addition to the lab’s many unique features, the GCAL Diamond Certificate is  the only diamond report backed by the unprecedented and industry exclusive Zero Tolerance 4C’s  Consumer Guarantee.  

It is anticipated that following Sarine’s acquisition, GCAL’s principals will continue to run GCAL, and  the lab will continue to offer its customers the same products and services they have come to rely  upon. To guarantee its impeccable record of consistent quality work, GCAL has always operated  out of a single location in New York. However, by implementing Sarine’s unique AI-derived cloud based automated e-Grading, optionally along with Sarine’s diamond traceability Journey™ report,  GCAL will be able to develop its services globally, while concurrently significantly expanding its  services to U.S. retailers and wholesalers, without compromising its renowned stringent levels of  quality and consistency. Sarine and GCAL will exclusively cooperate on serving North American  customers, as well as on offering the industry B2B reports for generic non-branded diamonds.  Sarine will continue offering 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. 

Don Palmieri, President of GCAL, observed, “We believe in doing things the right way, not the easy  way. That’s why we don’t cut corners. 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  ever, provided us with the means to resolve our conundrum of how to expand our business both  locally and overseas beyond our immediate control, without compromising on our principles”.  Angelo Palmieri, GCAL’s COO, added, “We believe experts should stand behind their work, and  that’s why we issue Grading Certificates, not just grading reports. Our certificates come with a  money-backed guarantee so you can feel good knowing you got exactly what you paid for. Sarine’s  technologies will allow us to continue to abide by this key code of ethics, while still expanding our  services to meet the growing demand by consumers seeking confidence that their acquired  products and services meet all norms of quality and sustainability”.

David Block, CEO of Sarine Technologies, commented, “We are thrilled by this opportunity to join  forces with and acquire a major position in GCAL. I am confident that GCAL, leveraging Sarine’s  technologies, will now be able to increase its market presence, to the benefit of the industry in  general and to U.S. consumers, in particular, without degrading from their industry-unique principles  of guaranteed quality and consistency. No less importantly, Sarine will gain access to the Palmieris’  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, to the benefit of retailers and consumers alike.” Though it has been stipulated by the parties that the terms of the deal are to remain confidential,  pending its actual closing, we wish to clarify that it will not fall under the definition of a “major  transaction”, as per Chapter 10 of the Singapore Exchange Listing Manual. 

About the Gem Certification & Assurance Lab

Established in 2001, GCAL protects consumers, retailers, and manufacturers with a unique suite of  certification, identification and forensic services for lab grown and natural diamonds, gemstones,  and jewelry. GCAL’s mission is to provide the most accurate and consistent gemological services  with uncompromising integrity and unparalleled customer care. GCAL remains the only gem lab in  the world to stand behind their grading with a zero tolerance, money-backed consumer guarantee.  Guaranteed certificates also include a Gemprint^®fingerprint image, Cut Grades on all diamond  shapes, Light Performance and Photomicrography. GCAL is the only gem lab in the world to have  earned the prestigious ISO 17025 Forensic Accreditation, and the first diamond lab in the world to  achieve SCS Global Services Accreditation.

About Sarine Technologies

Established in 1988, Sarine Technologies Ltd. is a worldwide leader in the development and  manufacturing of advanced modeling, analysis, evaluation, planning, processing, finishing, grading  and trading systems for diamonds. Sarine products include the Galaxy® family of inclusion and  tension mapping systems, rough diamond planning and optimization technologies, laser cutting and  shaping tools, laser-marking, inscription and fingerprinting equipment, automated (AI-derived)  Clarity, Color, Cut and light performance grading systems and traceability, visualization and retailing  services. Sarine systems have become standard tools in every modern manufacturing plant,  properly equipped gemology lab and diamond appraisal business, and are essential aids for  diamond polishers, dealers and retailers.

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