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Sarine Tech inks deal to supply its services to blockchain-based diamond retailer
MAINBOARD-LISTED gem Sarine Technologies has inked a deal to provide its stone mapping technology to a blockchain-based wholesale diamond retailer.
Sarine Tech has entered into an agreement with a subsidiary of Vancouver-based diamond mining producer Lucara Diamond Corp, the group announced on Monday.
It will be paid on a per-stone per-carat basis for the use of its inclusion mapping and optimal rough planning services - which produce possible cutting and polishing solutions - in a deal that Sarine Tech said "will create a new source of recurring revenue from the upstream of the diamond value chain".
Lucara's Clara Diamond Solutions Corp unit plans to use the blockchain distributed ledger to track the mine origin of rough diamonds to be sold directly to jewellery manufacturers, starting with stones from its parent company.
David Block, the group chief executive of Sarine Tech, said in a media statement: "We are excited to have the opportunity to contribute to this initiative, as it broadens our addressable market into the upstream mining and producing segment of the diamond industry value chain.
"It is also the first opportunity to extend our pay-per-services paradigm to the actual planning of rough diamonds."
Sarine Tech ended lower by S$0.015, or 1.9 per cent, at S$0.775, before the announcement.