Sarine Joins Race to Buy HRD Antwerp

RAPAPORT… Sarine Technologies has entered the running to acquire HRD
Antwerp, according to two sources close to the sale process.

The Israel-based diamond-technology company has registered its interest in buying the Belgian laboratory, as have two previous heads of HRD, the two anonymous sources told Rapaport News.

Peter Meeus, who ran the organization between 1999 and 2005, was one of the first candidates be linked to a potential bid around a month ago. He is now joined by Serge Couvreur, who served as
HRD’s general manager from 2013 to 2014, as well as by Sarine. The International Gemological Institute (IGI) also entered
a bid earlier this year, as reported by Rapaport News in early November, but has since pulled
out, the sources confirmed. The situation is changing constantly, another source pointed out.

Sarine’s move could be seen as part of its increased focus on grading and other downstream activities. While its main business is providing diamond-mapping
equipment to manufacturers, the polished-grading
sector offers considerable revenue opportunities and margins, Sarine noted last month.

Potential buyers of HRD have until next Tuesday to submit a
final bid with a proposed price, one of the sources added.

HRD and the Antwerp World Diamond Centre, which owns the lab, declined to
comment, as did the three bidders and IGI.

Image: Polished diamonds. (HRD Antwerp)