Hod Hasharon (Israel), 11 January 2023 โ Singapore Exchange Mainboard listed Sarine Technologies Ltd (โSarineโ and along with its subsidiaries โthe Groupโ) (U77:SI; SARN.TA), a worldwide leader in the development, manufacturing, marketing and sale of precision technology ย products for the evaluation, planning, processing, measurement, grading and trading of diamonds ย and gems, is pleased to announce the signing of a non-binding MOU to purchase, subject to the ย usual due diligence reviews and to reaching and executing a definitive agreement, a majority share ย of GCAL against an all cash consideration.
The Gem Certification & Assurance Lab, Inc. GCAL is a highly respected gemological laboratory ย founded in 2001 by Mr. Don Palmieri, a veteran of over 50 years in the diamond industry, and his ย wife, Pamela. Today, it operates as a family-owned business in New York City, on the city’s famous ย Diamond Way, at the corner of Fifth Avenue and 47th Street, with son Angelo in the role of Chief ย Operations Officer (COO). GCAL provides services for the grading and certification of natural and ย lab-grown diamonds, coloured diamonds, coloured gemstones, pearls and precious metals.