(IDEX Online) - Sarine Technologies Ltd noted that the major industry focus at the JCK Las Vegas 2018 trade show in early June was the issue of responsible diamond sourcing and provenance traceability.
Major miners, including De Beers who hosted a panel on its Tracr blockchain proposition, Alrosa and Canada's Dominion, all commented on the growing importance of diamond traceability.
"Sarine strongly supports and is actively involved in several blockchain initiatives. Any blockchain application is only as good as the data it contains, and it is a key requirement that the data be verifiable, and provided by objective and trustworthy sources. Due to Sarine's unique position and neutrality in the diamond pipeline's midstream, and the vast use of our technology during that crucial stage, we can provide a powerful solution to support the diamond industry's need for accountable traceability.
"As previously reported on numerous occasions, Sarine has been actively discussing responsible sourcing with leading industry organizations, miners, wholesalers and retailers, for the better part of a year. Specifically, Sarine has spoken out against the brazen nature of the infringement of its IP in India, and the adverse impact this could have on the import of polished diamonds into the U.S. Leading U.S. retailers, including Tiffany and Signet, have responded very positively to these issues. Steps taken by these industry leaders and other retailers include augmenting their suppliers' contractual terms and conditions and codes of conduct to specifically address IP infringement issues.
"As expressed by Tiffany's Senior Vice President and General Counsel, Ms. Leigh Harlan, to Bill Weisel, Sarine's General Counsel, 'Tiffany itself has faced infringement issues, making the company acutely aware of the importance of rigorously protecting and enforcing intellectual property rights.'"
At JCK, during a session on responsible sourcing, Mr. Adriaan Olivier, Senior Vice President of Strategic Diamond Sourcing of Signet, stated, "Signet takes intellectual property rights very seriously, and the IP policy like the rest of the requirements of the Signet Responsible Sourcing Protocol for Diamonds (D-SRSP) will continue to be updated and subject to the audit process." Specifically addressing the infringement by Diyora & Bhanderi Corporation of Sarine's Galaxy technology, he stated that, "This particular case is commercially very large and very serious." Adding, "Signet has received credible information that Diyora & Bhanderi Corporation in India has been utilizing a process of internally scanning/planning rough diamonds that infringes on the US patents owned by Sarine Technologies Ltd. All of our suppliers need to ensure that they're not contracting for diamond manufacturing services that infringe on the IP rights of others. The implications are incredibly serious and we will take this particular infringement very seriously."
David Block, Sarine Group's CEO, noted that, "We are extremely pleased that the issue of responsible sourcing and provenance traceability are receiving the attention they are, as it is key to ensuring the diamond industry's implicit stature, and explicitly the polished diamond's allure to the modern informed consumer. Sarine will continue to aggressively protect its IP and work with industry organizations and retailers to ensure that polished diamonds are procured in a responsible manner."