Global diamond jewelry sales continue to grow, increasing three-fold in the past 25 years, and are currently worth in excess of US$72 billion every year
Nov. 15, 2011
/PRNewswire/ - SCIO Diamond Technology Corporation (OTCBB: SCIO.OB)
- Announces its ability to provide a supply of cultivated diamond large enough to assist the industry in trying to meet global demand.
Scio Diamond has proven, through third party verification, to deliver lab grown diamonds with all the properties of earth grown diamonds.
New analysis from
Frost & Sullivan
Outlook of the Russian Diamond Market
, finds that the market earned revenue of
in 2010 and is estimated to reach
Although the outlook for the market looks bright with the upswing in consumer demand and climbing diamonds prices, there are some challenges throwing a cloud of uncertainty over its future prospects.
For the past 20 years, no large diamond deposits have been found in the world. All new deposits are low grade compared with existing ones. Companies are bound to face difficulties in mining for low-grade deposits in new, challenging locations, given the increasing complexity of extraction.
Unlike its predecessors of mined diamond, Scio Diamond has proven technology whereby they can control the growth of diamond in a lab environment with proprietary equipment and technology. This process allows Scio to scale its operation to whatever the demand level economically and more importantly in a "green" way, in the
Just as "cultured pearls" have become an excepted commodity, cultivated diamonds have now gained acceptance to the gemstone market.
Scio Diamond has already begun negotiations with large wholesale gemstone dealers worldwide. Agreements are imminent, and are focused on taking all of the future gemstone production for multiple years. Large global distributors as well as exclusive retail branded gemstones are slated for delivery in 2012 .