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RAPAPORT... Scio Diamond Technology Corporation reported that lab-grown diamond production rose 49 percent year on year to 23,000 carats in the fiscal year that ended on March 31. The company expects to release a full financial report no later than June 30. Scio also stated that the reliability of its production runs has become more consistent with regard to production duration, a key-manufacturing metric.
Already this year, Scio reportedly began replacing older equipment with new reactors and upgrading its production software to ensure consistent growth patterns. Earlier this month, Scio announced its new 4-inch diamond growth technology platform, which produces type IIa, single-crystal chemical vapor deposition (CVD) diamonds and the company expects it will double production once all reactors are converted to this new technology. Scio's CEO, Mike McMahon, stated, "While I'm pleased with our progress, there is still room for improvement and we aim to say focused. We have adapted a company ethos of continuous improvement to all of our manufacturing processes."
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