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RAPAPORT...
Scio Diamond Technology Corporation out of Greenville, South Carolina told shareholders today that they have completed a first production run of ''cultured diamond,'' or CVD single-crystal production, and have scheduled 10 reactors to be in full production during its second fiscal-quarter, which ends in September. Seven reactors have passed an initial 50 hour testing phase and are starting a second phase of testing today, according to the company. Shares in Scio Diamond today were up 8.5 percent to $2.82 in New York at the noon hour. Joe Lancia, Scio Diamond's chief executive, said, "Our concentration in the first weeks of mass production will be on diamond seeds. Our process is largely self-sustaining so creating and harvesting our own seed stock is a key ongoing cost reduction driver." Scio will also be providing specified samples for testing by its customers in the industrial and commercial marketplace, as well as specific sizes, colors and grades of diamond for the gemstone market, the group noted. "The demand for diamond continues to amaze me," said Lancia. "We are contacted nearly every day about our product with questions about when we will be ready to start shipping."
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