GREENVILLE, SC, April 14, 2014 /PRNewswire/ - Scio Diamond Technology Corporation (OTCQB: SCIO) ("Scio" or the Company") today announced a significant technological breakthrough in its new 4" Diamond Growth Technology. The 4" Diamond Growth Technology produces Type IIa, Single Crystal CVD Diamonds and will increase the production platform for all of SCIO's product lines. This important milestone is a critical step in meeting demand in both the gemstone and industrial diamond markets. Type IIa, Single Crystal CVD Diamonds are the rarest kind of diamond and occur naturally in the earth. They are mined primarily in sub-Saharan Africa. SCIO lab-grown diamonds offers the highest quality diamonds, a predictable supply profile and an ethical alternative to "Conflict Diamonds" mined in the developing world.
Today's announcement marks a acceleration in SCIO's production plan, now running 6-months ahead of schedule. The 4" production platform improves on the 3" platform and enables the Company to produce over 100 crystals per machine. This is a near doubling of SCIO's already industry-leading capacity but with minimal increase in cost.
Michael McMahon, SCIO's CEO commented, "Since we started our operations in July 2012 using our 3" technology, we have known that we would have to continue to improve our production capability and yield to be competitive." Mr. McMahon continued, "Scio's goal remains to be the highest volume producer of Type IIa Single Crystal CVD diamonds in the world. This is another key step in achieving that vision SCIO can now meet growing demand from existing customers, increase revenues and, importantly, create new customer opportunities."
About ScioScio employs a patent-protected chemical vapor deposition process to produce high-quality, single-crystal diamonds in a controlled laboratory setting. These are known as "lab-grown" diamonds. Lab-grown diamonds have chemical, physical and optical properties identical to "earth-mined" diamonds. The Company's manufacturing process produces high-quality, high-purity, single-crystal colorless, near colorless and fancy colored diamonds.