Scio Diamond to Double Diamond-Growing Capacity

(IDEX Online News) – Lab-grown diamond producer Scio Diamond Technology Corporation (OTCBB: SCIO) said it will complete a manufacturing expansion in May that will more than double its capacity to create diamonds. The company is refitting its current diamond-growing reactors with larger growing platforms and also adding new reactors.

The company produces high quality, single-crystal, Type IIa lab grown diamonds. The 3-5 carat rough gems are finished into 1-2 carat stones and polished for jewelry or sliced and shaped for industrial applications.

Plans to double production capacity at the company's South Carolina facility began when the company closed $2.5 million in growth funding from Heritage Gemstone Investors (HGI) in December 2014.

"We had already committed our production levels to existing customers, while demand for our lab-grown diamonds was growing quickly," explained Gerald McGuire, CEO. "This expansion will let us produce more than twice the amount of diamonds we were producing just three months ago."

Scio Diamond grows diamond crystals in a range of colors and through the CVD process can create diamonds in three to four weeks. Colorless stones are used for jewelry and industrial applications such as optical windows, laser scalpels or electronics. Pinks are used for jewelry and precision milling and grinding.