IDEX Online Announces Major Investment by Sarin Technologies
January 22, 08
IDEX Online is happy to announce a $3.4 million investment in the company by Sarin Technologies, a world leader in supplying technological tools to the diamond industry.
The following is the full text of the press release:
Sarin Technologies Acquires 23% of IDEX Online for US$3.4 million
Sarin Technologies, a world leader in supplying technological tools to the diamond industry, announced today that it has acquired a 23% equity interest in IDEX Online for a total amount of US$3.4 million, of which US$0.5 has already been advanced as a loan, an additional US$1.0 million will be paid immediately, and US$1.9 million will be paid by June 2009, if IDEX achieves certain business development milestones.
Founded in 2000, IDEX Online is an internationally-recognized operator of a B2B polished diamond traders’ network, a web portal for news, analyses and polished diamond price indexes (www.idexonline.com) and publisher of a leading trade magazine. According to the agreement, Sarin Technologies will invest $3.4 million in IDEX Online and will have an option to increase its investment up to an additional US$3.0 million in the future.
“As online diamond trading emerges as a serious way of doing business in the ever-changing diamond industry, Sarin, now celebrating its 20th anniversary, sees IDEX Online as an important strategic investment,” noted Zeev Leshem, Sarin Technologies CEO. “Just as Sarin changed the way diamonds are manufactured and traded in the past, IDEX Online is now well positioned to bring innovative trading tools to our industry. We see exciting possibilities which may develop around the online trading business,” concluded Leshem.
About Sarin Technologies:
Established in 1988, Sarin Technologies is a worldwide leader in the development and manufacturing of advanced planning, evaluation and measurement systems for diamond and gemstone production. Sarin products include diamond cut and color grading tools, rough diamond optimization systems and laser-marking and inscription machines. Sarin systems have become an essential gemology tool in every properly equipped gem lab, diamond appraisal business and manufacturing plant, and are today considered essential items by both diamond dealers and retailers. For further information contact Udi Lederer at udi.lederer@sarin.com or +972-3-7515490 Ext. 110 or visit the Sarin website at www.sarin.com.
About IDEX Online:
Founded in 2000, IDEX Online is the first online international diamond exchange designed specifically for and by professional diamond dealers and jewelers. IDEX Online operates the leading international B2B polished diamond traders’ network, the leading web portal for industry news, analyses and polished diamond price indexes and it publishes the leading trade magazine IDEX Magazine. For more information, please visit us at www.idexonline.com.