HOD-HASHARON, Israel and GENEVA, April 28, 2022 /PRNewswire/ -- Sarine Technologies Ltd (U77:SI; SARN.TA), a worldwide leader in the development, manufacturing, marketing and sale of precision technology products for the evaluation, planning, processing, measurement, grading and trading of diamonds, is pleased to announce that Aura Blockchain Consortium ("AURA"), founded by LVMH, Prada Group, Cartier, part of Richemont, and OTB Group, has chosen to partner with Sarine regarding Sarine's Diamond JourneyTM traceability solution and data for the AURA platform. Through this one-of-a-kind partnership for diamond traceability, the multi-stakeholder Consortium is laying out the very first foundations for best-in-class product traceability standards from raw material to finished product applied in the luxury sector.
Sarine has been selected by AURA to provide full diamond traceability across the entire supply chain, from extraction to polishing and setting. Sarine's traceability solution is based on data independently and automatically generated by its IOT enabled systems being used throughout the pipeline by many of the industry's leading producers and midstream polishers, without resorting to non-verifiable declaratory inputs.
Supporting global partnerships for sustainable development (SDG 17), AURA is a not-for-profit organization born with the vision that collaboration driven by common objectives for a greater good can coexist within a competitive environment. Providing tools to enhance transparency and trust, the Consortium ambitions to develop sustainable blockchain solutions and technologies that are bespoke to each sector. By linking the physical flows to their transactional and informative data gathered in the blockchain, the Consortium strives to achieve the highest levels of traceability while making their access easily available to all actors irrespective 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 value chain within the luxury sector.
Daniela Ott, Secretary General of AURA said: "There is perfect synergy between AURA and Sarine. By partnering with Sarine in relation to Sarine's comprehensive traceability technology, we are establishing a one-of-a-kind technological solution with significant added value to both luxury brands and their customers. This new solution will provide complete transparency on product sourcing history and verifiable authenticity documentation, which is key to strengthening consumer trust in brands and fostering a long-term relationship, which is critical in today's rapidly evolving retail landscape. We anticipate additional leading luxury brands will soon be joining our unique consortium."
David Block, CEO of Sarine, commented:" It is an honor to have been selected to partner with the esteemed Aura Blockchain Consortium of leading luxury brands. This new endeavor will enable global luxury brands to benefit from our uniquely comprehensive and factual traceability solution in order to increase supply chain transparency, thereby increasing consumer confidence. Our solution enables the jewelry houses the ability to implement a traceability solution based on blockchain technology that is easily scalable and with low overheads to all their suppliers in the upstream and midstream diamond value chain."