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
GREENVILLE, SC, 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 (http://www.industrialautomation.frost.com), Outlook of the Russian Diamond Market, finds that the market earned revenue of $4.79 billion in 2010 and is estimated to reach $5.74 billion in 2015.
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 USA.
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 .
Scio is about to commercialize its quality stones by delivering thousands of carats per year with its market changing technology. Gemstones will be available in a variety of colors such as pinks, yellows, blues, and blacks to name a few.
Scio Diamond's CEO, Joseph Lancia says, "Scio is ready to achieve its strategic goal of scalable commercialization and as such will access the mass gemstone market quite rapidly." Mr. Lancia, continues to say, "Our ability to ramp up production to meet market demands is a great achievement, however, we also pride ourselves in our ability to customize color specific gemstones to match consumer trends."
About Scio Diamond
Scio Diamond employs a patent-protected chemical 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 any diamond 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 rare, if at all present in nature.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, including the Company's beliefs about its business prospects and future results of operations. Some factors that could cause actual results to differ materially include economic and operational risks, changes in anticipated earnings, continuation of current contracts, and other factors detailed in the Company's filings with the Securities and Exchange Commission, including its most recent Forms 10-KSB and 10-QSB. The Company forecasts provided above are dynamic and therefore refer only to this release date. The Company does not undertake to update any forecasts that it may make available to the investing public.
SOURCE Scio Diamond