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TheStreet Open House

Scio Diamond - Record Production Allows Shipments To Increase

Stocks in this article: SCIO

GREENVILLE, SC, Oct. 1, 2012 /PRNewswire/ - Scio Diamond Technology Corporation (OTC-BB: SCIO.OB) announced today that its first sixteen weeks of production has exceeded 3300 carats of useable diamond.  The last 5 weeks have yielded over 1400 carats of useable diamond.  As laser fabrication capacity continues to increase, shipments are now reaching thousands of diamond parts per month.

"On a month over month basis we have increased our production 29% in September as we remain on track in the progressive implementation of our growing technologies.  Our focus remains customer centric, with shipments increasing daily." states Joseph Lancia, Scio's President and CEO.  "All the product in he world doesn't mean anything until someone buys it, and you ship your product to them.  That part of our plan is coming to fruition now."

Mike McMahon, Scio's COO, says, "Our current production run rate equals 14,500 carats per year.  Literally in June, we were at 4,300 carats per year.  We have increased reactor up time, decreased reactor turnaround, increased our growth rate of useable diamond and most importantly increased our growth per crystal".

"The result of all this production effort, is more high quality product to our customers," says Lancia.  "The demand for industrial diamond is unbelievably high with requests coming in every day.  We must be very cautious that we do not over promise our deliveries. "

"We have successfully set up partnerships with international vendors for diamond fabrication and have installed our first diamond sawing laser," says McMahon.  "We must remain focused on completing the installation of our next five lasers in the upcoming quarter to keep up with our ever increasing production capability."

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.

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