
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 47th 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.