The Israel Diamond Exchange (IDE) signed a Memorandum of Understanding (MoU) with Sarine Technologies Inc aimed at improving transparency in rough diamond trading.
Under the MoU, Sarine will disclose to IDE members if “inclusion mapping” using the Galaxy system has been undertaken on specific rough stones. With this agreement, rough diamond sellers will not be able to conceal from purchasers that prior inclusion mapping has taken place.
Sarine’s Galaxy systems are the only machines on the market that can perform inclusion mapping of rough diamonds, according to Sarine. In many cases, the machines do not leave any indication that mapping has taken place.
The IDE initiated the agreement with Sarine upon the request of several IDE members that urged greater transparency in the purchase of rough diamonds.
IDE President Yoram Dvash also proposed that this requirement be adopted by the World Federation of Diamond Bourses (WFDB).
Dvash commented, “The IDE aims to achieve maximum transparency for the benefit of its members and the industry as a whole. This is one of the important steps we are taking to achieve that goal.”
Uzi Levami, executive director and CEO of Sarine, explained, “Sarine collects and stores the information of all unmarked stones that are scanned by our Galaxy machines. Upon request, we will provide this information to the IDE, its members and tenants. We look forward to working with the IDE to enhance the processes of rough trading, using our technology to improve transparency for members of the IDE.”
Dvash added, “We are major buyers of rough diamonds; the International Rough Diamond Week that we just concluded underscored that fact. We are pleased that this MoU provides a mechanism that significantly improves the position of the rough purchaser in relation to the rough seller.”