The lab-grown diamond manufacturer is shifting its focus to white gemstones
Lab-grown diamond manufacturer Scio Diamond recorded higher revenue but also a larger loss for its first quarter (ended June 30).
Revenue rose 7.5 percent to $185,061, from $172,175 the prior year. The company attributed the results to shifting its sales to white gemstones.
But that shift also meant higher manufacturing costs, and the company’s quarterly loss rose to $1.2 million, compared to a loss of $848,585 the prior year.
“The carat weight of our diamonds continues to increase, our color and clarity capabilities continue to improve, our customer base is growing, and we are beginning to see the resulting improvements in our financials,” said Gerald McGuire, Scio Diamond CEO, in a statement. “While short-term cash requirements continue to challenge our efforts, we are optimistic about the market potential for our lab-grown diamonds and are encouraged by the increasing demand we are seeing from our customers.”