JNA Sep/ Oct 2021

28 | JNA Sep/Oct 2021 INNOVATION The Covid-19 pandemic has altered business operations around the world, but it also became a catalyst for advancement. Technology leader Sarine talks about changes that support the digital transformation of the diamond trade. 新冠疫情大流行改變了世界各地 的商業運作模式，但同時催生進步。領先鑽石科技的 Sarine 討論了一些支持鑽石貿易數碼化轉型 的趨勢。 Sarine 走在鑽石創新前線 Sarine at the forefront of diamond innovation Sarine diamond technology Sarine 鑽石技術 T he year 2020 proved tough for the diamond industry, with persistent lockdowns hampering diamond production as well as retail business in major markets such as the US, Europe and Asia, according to diamond technology provider Sarine Technologies Ltd. Green shoots of recovery however started to show towards end-2020 as manufacturing and retail activity rebounded. And now the industry is on the mend, supported by improved manufacturing, retail and online business. This boded well for Sarine – group revenues in the first half of 2021 rose 61 per cent to US$36 million while net profit surged to US$12.6 million. The company is also taking advantage of an accelerated digital transformation of the diamond industry brought about by Covid-19. “This year, we see strong recovery in the diamond industry,” noted Sarine CEO David Block. “Sarine has in place the industry’s most advanced technological infrastructure to enhance rough diamond buying efficiency and is continuously investing to broaden its offerings in this segment.” Digital revolution With rough diamond tenders shifting to digital platforms during lockdowns, buyers can evaluate rough diamonds on offer using advanced technological and digital-based Sarine systems, explained Block. On the B2B front, such digital tenders have become more relevant as travel restrictions prevented sourcing of rough diamonds onsite. More producers are using technology that allows digital viewing of goods. There is also growing interest in Sarine’s e-Grading solutions among retailers and manufacturers. End-consumers meanwhile have become more discerning – researching before making a purchase – and more receptive to buying jewellery online, hence the need for retailers to build a solid digital presence.