HOD-HASHARON, Israel and GENEVA, April 28, 2022 /PRNewswire/ — Sarine technologies ltd (U77:SI; SARN.TA)a world leader in the development, manufacture, marketing and sale of precision technology products for the appraisal, planning, processing, measuring, grading and trading of diamonds, is pleased to announce that Aura Blockchain Consortium (“WILL HAVE“), founded by LVMH, the Prada group, Cartier, which is part of Richemont, and the OTB group, has chosen to partner with Sarine regarding Sarine’s diamond journeyMT traceability solution and data for the AURA platform. Through this first-of-its-kind diamond traceability partnership, the multi-stakeholder Consortium is laying the very first foundations for the best product traceability standards, from raw material to finished product, applied in the luxury sector.
Sarine has been selected by AURA to provide full traceability of diamonds across the entire supply chain, from mining to polishing and setting. Sarine’s traceability solution is based on data independently and automatically generated by its IOT-enabled systems used throughout the pipeline by many of the industry’s leading producers and intermediate polishers, without the need for unverifiable declarative inputs.
Supporting global partnerships for sustainable development (SDG 17), AURA is a non-profit organization born with the vision that collaboration driven by common goals for the greater good can coexist in a competitive environment. Providing tools to improve transparency and trust, the Consortium aims to develop sustainable blockchain solutions and technologies adapted to each sector. By linking physical flows to their transactional and informative data collected in the blockchain, the Consortium strives to achieve the highest levels of traceability while making their access easily accessible to all actors, regardless of their size and location. . Founded by luxury brands and relying on the crucial prerequisite of traceability, the Consortium supports and enables innovation, authenticity and responsible practices throughout the luxury sector value chain.
Daniela OttGeneral Secretary of AURA said: “There is a perfect synergy between AURA and Sarine. By partnering with Sarine on Sarine’s Full Traceability Technology, we are establishing a one-of-a-kind technology solution with significant added value for luxury brands and their customers. The new solution will provide full transparency on product sourcing history and verifiable documentation of authenticity, which is key to building consumer trust in brands and fostering a long-term relationship, which is critical in the rapidly changing retail landscape. join our unique consortium.”
David BlockSarine CEOcommented: “It is an honor to have been selected to partner with the prestigious Aura Blockchain Consortium, comprised of leading luxury brands. This new initiative will enable global luxury brands to benefit from our unique, comprehensive traceability solution. and factual to increase supply chain transparency, thereby increasing consumer confidence.Our solution enables jewelry houses to implement a blockchain technology-based traceability solution that is easily scalable and with low overhead costs for all their suppliers in the upstream and mid-chain diamond value chain.
SOURCE Sarine Technologies Ltd.