Chemical Vapour Deposition (CVD) diamond producer Scio Diamond said on 27 April 2015 that a manufacturing expansion will be completed in May,which will “more than double” its lab-grown diamond production. The company is adding new diamond growing reactors and refitting its current reactors with larger growing plates.
Plans for expansion began in December 2014, when the company received US$2.5 million in growth funding from Heritage Gemstone Investors (HGI). While a portion of the fund was used to refinance debt, the rest is earmarked to double production capacity.
“This expansion will let us produce more than twice the amount of diamonds we were producing three months ago,” said Gerald McGuire, CEO of Scio Diamond. He explained they had already committed their production levels to existing customers while demand for their lab-grown diamond had been growing quickly.
Scio Diamond produces rough stones of three to five carats, which are finished into one- to two-carat stones. They are then polished for jewellery or sliced and shaped for industrial applications.
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