Scio Diamond Technology Corporation, the Greenville, S.C. company that manufacturers lab-grown diamonds, announced that it had signed a joint venture agreement to mass produce gems in China.
The joint venture was said to be with “two partners who bring more than 75 years collective experience in the gemstone industry.” The partners were not named in the release. Scio CEO Michael McMahon was unavailable for comment at press time.
The facility will produce approximately 48,000 carats of synthetic rough a year, a release said. It did not specify what colors or sizes would be produced.
The venture’s facility will be located in China, and will contain 100 Scio-designed diamond-growing reactors that will produce Type lla, single crystal CVD diamonds. The facility will have the capability to expand to 400 diamond-growing reactors over the next two years. It is set to start operations next year.
Under the agreement, Scio provides the CVD technology through a licensing agreement, and receives both an equity position and licensing revenues. The partners will fund the venture, although the release did not specify who will distribute and sell it.
“This is a significant time in the history of Scio Diamond,” McMahon said in a statement. “[We have] the ability to mass-produce and together are convinced of its potential.”