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Scio Diamond to Up Synthetics Production

Jul 12, 2017 9:19 AM   By Rapaport News
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RAPAPORT... Lab-grown diamond producer Scio Diamond Technology Corporation will boost its output of synthetic rough diamonds over the summer, following a recent restructuring of its debt.

“We’ve made significant progress with our white diamonds recently, and I am excited by the rapid growth we are seeing in the market,” CEO Gerald McGuire said Tuesday. “Our customer base has recognized these improvements and are creating stunning gemstones from our rough.”

Last year saw ongoing losses for the South Carolina-based company, which noted in August that its low revenue to date was putting its operations at risk. This past March, it said that despite monthly sales improvements, the company had yet to achieve profitability.

On Tuesday, however, it announced that it had restructured its debt through Heritage Gemstone Investors (HGI) and would receive further funding.

The agreement extends Scio Diamond’s note maturity by one year to December 2018, according to the company. It also offers the company relief on interest payments and gives it access to additional HGI funds.

Investors — including members of the Scio Diamond board of directors and management team — have agreed to match HGI’s increased funding commitment of $250,000 dollar for dollar, the diamond grower added.

“Our board and lender, HGI, recognize the incredible opportunity we have before us, and I believe this announcement demonstrates their support of the company’s efforts,” McGuire said, adding that the company “expects to ramp up its production of white diamonds over the summer months.”

Picture courtesy of Scio Diamond Technology Corporation.
Tags: diamonds, Jewelry, lab-grown diamonds, Rapaport News, scio, Synthetic diamonds
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