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RAPAPORT... Synthetic diamond producer Scio Diamond Technology Corp., raised
$1.6 million in equity financing to fund further product development and
operations, according to a company announcement.
"We see increasing demand in the market for lab-grown
white diamonds," noted Gerald McGuire, chief executive officer. "We
successfully completed product development on lab-grown pink diamonds and have
been delivering them to the market since June. Our white diamonds are also
being sold in the market; we are focused on these because they will increase
our revenue potential in the fast-growing, high-quality lab-grown diamond
segment."
Bain & Company's 2014 report on the global diamond
industry noted that "diamond demand is expected to outpace future
supply." Lab-grown diamonds are a growing portion of the
worldwide jewelry market, which is expected to increase by 50% per year through
2018, according to analysts Frost & Sullivan.
Earlier this year, the company doubled its manufacturing
capacity, which can be used for either pink or white diamond production, the
company said.
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