GREENVILLE, SC, July 10, 2012 /PRNewswire/ - Scio Diamond Technology Corporation (OTCBB: SCIO.OB) announced today that July production began in a very positive way. Seven growers are operating using the S3532 technology with yields improving weekly. Since going into pre-production five weeks ago, Scio has produced 625 gross carats of diamond.
Joe Lancia, Scio Diamond's CEO said, "We have had about 2,775 hours of actual growth time, which gives us a current average of 4.44 carats per hour of growth. Although we are being very cautious with the success we have had with the first five growers, this is very good news going forward." Scio intends to increase the seed count per grower to optimize the S3532 technology.
As Scio builds a self-sustaining seed stock that will support the increase in production, the company nears completion of its laser and polishing operation plan. "Our clients want the entire product from Scio," says Lancia, "not just the diamond, but a fully fabricated cutting tool. Initial order indications are leading us to expedite the implementation of our laser and polishing operation."
The company's expectation remains that the balance of the 10 reactors to be in full production by the end of its second fiscal quarter.About SCIO Diamond Scio Diamond employs a patent-protected chemical vapor deposition process to produce high-quality, single-crystal diamonds in a controlled laboratory setting, with such diamonds referred to as "lab-grown" or cultivated diamonds. The diamonds have the identical chemical, physical and optical properties as diamonds found in the earth, and the company's highly controlled manufacturing process enables it to produce very high-quality, high-purity, high volume, single-crystal colorless, near colorless and fancy colored diamonds. Scio's technology permits it to produce lab-grown diamond in size, color, and quality combinations that are very rare in nature. SCIO intends to offer diamonds in limited quantities as jewelry and in the technology arena as the material operating system of the future.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts