GREER, SC, Sept. 28, 2011 /PRNewswire/ - Scio Diamond Technology Corporation (OTC:BB: SCIO) is pleased to announce that they will begin manufacturing lab-grown diamonds immediately after relocating and setting up machines in South Carolina.
Scio Diamond will utilize its equipment along with its proven patented technology to grow diamonds in their new facility. These diamonds will be manufactured in the USA, and will be sold to both the Jewelry and the Industrial markets Worldwide.
Joseph Lancia, CEO says "Scio's focus is in maximizing production capibilities to generate revenue in both the industrial products division and our consumer gemstone division."
Each of Scio Diamond's machines can produce a little less than 1,000 carats per year. The company also plans to laser inscribe the stones. Scio's machines have produced up to 2 ct. stones, however, the sweet spot will be half-carat to three-quarter-carat stones at this time.Lancia went on to say "The industrial technology side of the business is very exciting as it provides us with long term growth potential within multiple business sectors. Our lab-grown stones provide key benefits to industrial products that natural stones just cannot compete with. Scio will have an ability to deliver high-grade diamonds, precisely built for specific uses. It's game-changing, and with demand outpacing supply, our opportunity to fill this void appears to be only getting bigger year after year." The company plans to begin wholesaling gemstones from its new home base manufacturing facility to be located in South Carolina to the jewelry market in summer 2012. Mr. Lancia says, "We have already been approached by a couple of major distributors to take all of our gemstone production," he explains. "This fits with our business model as we are a technology company, this is our core competency and we plan on staying focused on what we know best."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV