Sarin Technologies Ltd. now has a 100 percent equity stake in an Israeli company with an innovative method for evaluating the internal features of rough and polished diamonds.
According to a release issued earlier this month, Sarin acquired Galatea Ltd. for $10.77 million, of which $9 million is to be paid in cash and the balance through the issuance of new shares of Sarin stock.
Sarin CEO Zeev Leshem said Galatea's technology is quicker and less costly than other technologies tested by Sarin. He expects the benefits of the acquisition to materialize in the next year.
"With this groundbreaking technology, Sarin will again revolutionize the current rough-diamond analysis methodologies and tools as the industry has come to expect of us over the past two decades," he said.
Sarin Technologies, which is traded on the Singapore Exchange Mainboard, develops, manufactures and markets diamond planning, evaluation, production, measuring and grading systems.
Source: nationaljewelernetwork
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