IDE & Sarine MOU Increases Rough Diamond Trading Transparency
June 01, 16
(IDEX Online News) – The Israel Diamond Exchange (IDE) and Sarine Technologies Inc have signed a Memorandum of Understanding (MOU) which is hoped will improve transparency in rough diamond trading.
The principal purpose of the MOU is that Sarine will disclose to IDE members if “inclusion mapping” using the Galaxy system had been undertaken on specific rough stones. Sarine’s systems are the only machines that perform inclusion mapping of rough diamonds, meaning that rough diamond sellers will not be able to conceal any prior inclusion mapping that may have taken place.
The IDE initiated the agreement with Sarine, in response to pressure from several IDE members who called for greater transparency in rough purchases. IDE president Yoram Dvash proposed that the World Federation of Diamond Bourses (WFDB) ratify a similar agreement at the recent 37th World Diamond Congress in Dubai.
Sarine executive director and CEO Uzi Levami said that his company collects and stores the information of all unmarked stones scanned by the Galaxy system.