CaratGCAL by Sarine opens a third lab, in Mumbai's SEEPZ
The jewellery certification site joins labs in Surat and New York, and it is the second in India. Sarine announced it on 14 September, ahead of the peak export shipping season.
Sarine added a third lab. GCAL by Sarine opened a jewellery certification and quality assurance lab in Mumbai's SEEPZ export zone on 14 September, alongside Surat and New York.
If you export jewellery from Mumbai: certification moves inside the zone, cutting the shipping leg.
If you already use Surat: that lab is unchanged; Mumbai covers jewellery rather than loose stones.
What this is not: a diamond grading lab. Sarine calls Mumbai jewellery certification and quality assurance.
| Site | Country | What it does | Opened |
|---|---|---|---|
| New York | United States | Diamond grading | GCAL's original lab |
| Surat | India | Diamond grading, in the manufacturing cluster | not established at a primary |
| Mumbai (SEEPZ) | India | Jewellery certification and quality assurance | 14 September 2026 |
IJewellery, not loose stones
A different product. Sarine calls the Mumbai site jewellery certification and quality assurance. Its other two labs grade loose stones.
Inside the zone. SEEPZ is the Santacruz Electronics Export Processing Zone. Jewellery makers and exporters cluster inside it.
IIThe logistics leg shortens
Closer to the bench. Sarine says the site is easier to reach and cuts the shipping leg. It published no time or cost saving.
Ahead of the season. The announcement lands on 14 September, before the Indian festival and Western holiday shipping season.
IIIThe grading line is growing
Over half again. Sarine reported GCAL grading revenue up more than 50% in the first half of 2026, in its August results.
No figure for Mumbai. No investment, capacity or staff figure is published. The lab's weight cannot be sized.
01What would change this call+
A capacity or investment figure. Without one, a third lab is a location rather than a measurable addition to the business.
02Why the zone matters more than the city+
SEEPZ is a bonded export processing zone, which means goods inside it are treated as outside the customs territory until they leave. For a jewellery exporter that changes the arithmetic of certification: sending a finished piece out of the zone to a lab and back can mean customs paperwork on both legs and days of transit on goods that are already paid for. A lab inside the same zone removes both. This is why a certification site's address inside a bonded zone is a commercial fact and not a press-release detail, and why it is worth reporting even when no investment figure is published.
03Method · the desk’s arithmetic+
Rapaport's report of 15 September 2026 and INSTORE's of the same announcement were both read; Sarine's own investor release was not fetched from the company's domain and no address was guessed for it. The announcement date of 14 September is the company's, as carried by both reports. Archive test, both periods named and every hit opened: a grep of the 375-article archive returns two hits for GCAL and zero for SEEPZ. Both GCAL hits sit inside one article, Carat Capital's 13 August piece on Sarine's FIRST-HALF 2026 results, where GCAL grading revenue is reported up more than 50% in the half. This item covers a LAB OPENING announced on 14 September 2026. Same company, different period, and a different subject inside that period, so ADVANCED and NEW to print rather than a repeat. A separate grep for Sarine returns eight hits, all read: five are tape and analytical commentary treating Sarine as a listed instrument and none is a lab-opening story. The over-50% figure is carried as Sarine's own half-year number and is explicitly not attached to this lab.
Sarine's revenue fell 6%. Its loss grew 21 times.
The same company's half-year numbers, where the grading line this lab joins was the only thing growing.
The trade, filed before the New York open.
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