Sarine to Buy Majority Stake in GCAL Lab
January 12, 23
(IDEX Online) - Sarine is set to acquire a majority stake in the New York-based GCAL grading lab for an undisclosed sum.
The Israel-based diamond tech company, known for its Galaxy mapping systems, today said both sides had signed a non-binding MOU for an all-cash deal.
GCAL (Gem Certification and Assurance Lab), a family business founded in 2001 by Don and Pamela Palmieri, is expected to offer the same products and services, with the couple's son Angelo Palmieri retaining his role as chief operations officer.
"GCAL will be able to develop its services globally, while concurrently significantly expanding its services to US retailers and wholesalers, without compromising its renowned stringent levels of quality and consistency," Sarine said in a statement.
"Sarine and GCAL will exclusively cooperate on serving North American customers, as well as on offering the industry B2B reports for generic non-branded diamonds."
Don Palmieri, President of GCAL, said: "With only one location in the USA, we have always had complete control of maintaining high standards, training and consistency.
"Sarine's introduction of its AI-derived and cloud-based eGrading has, for the first time ever, provided us with the means to resolve our conundrum of how to expand our business both locally and overseas beyond our immediate control, without compromising on our principles".
Pic courtesy Sarine