Israel’s Sarine to Open Dubai Service Center

RAPAPORT… Sarine Technologies will launch a diamond-scanning center in Dubai following Israel’s peace deal with the United Arab Emirates (UAE).

The Israel-headquartered company will partner with Trigem, a Dubai-based provider of services to the diamond industry, which will operate the center under license from Sarine. Members of the trade will be able to use Sarine’s Galaxy inclusion-mapping equipment for a per-carat fee that the two companies will split, Sarine said Thursday.

“It is forecast that due to geopolitical and cost-base changes, Dubai may very well emerge as the most important global trading hub for rough diamonds, second to none,” Sarine explained. “Dubai, already home to a key trading bourse of rough diamonds, is also expected to further expand to become an important trading center for polished diamonds.”

Israel and the UAE agreed to normalize relations in August, paving the way for enhanced business activities between companies in both countries. The Israel Diamond Exchange and the Dubai Multi Commodities Centre signed a cooperation deal in September, pledging to open representative offices in each other’s diamond hubs and promote trading between the jurisdictions.

Sarine already has licensed service locations in Belgium, Botswana, China, Namibia, Russia and South Africa. It owns and operates similar centers in Israel, India and the US.

Image: A Galaxy machine. (Sarine Technologies)