WASHINGTON, Oct. 22, 2020 /PRNewswire/ -- M7D Corporation d/b/a WD Lab Grown Diamonds ("WD"), the pioneering producer of chemical vapor deposition (CVD) laboratory grown diamonds, today announced that it has entered into patent sublicensing agreements with ALTR (India) Private Limited and ALTR, Inc. ("ALTR") and Evolution Diamond ("Evolution"). The agreements, the first of their kind in the industry, permit both entities to distribute CVD lab grown diamonds, whether grown by WD or other approved manufacturers, in the United States, Canada, Mexico and all other global territories where the patents are in force.
The sublicensing agreements incorporate WD's full patent portfolio, and importantly those developed through the Carnegie Institution of Washington. The first relevant Carnegie patent (6,858,078, February 2005) covers CVD diamond growth using microwave-plasma; the second (RE41,189, April 2010) reflects a high-pressure, high-temperature annealing process that improves a diamond's visual qualities. All lab grown diamonds produced through WD's patented technology are certified Type IIA, constituting the highest quality diamonds and representing just 1-2% of those on earth.
"We are pleased to bring these global partners and leaders in as the first sublicensees of WD's ground-breaking technology," said Sue Rechner, Chief Executive Officer of WD Lab Grown Diamonds. "This is a milestone for our company as we set the foundation for continued growth, and reiterate our commitment to integrity and innovation. In keeping with our vision for a more inclusive industry, we are excited ALTR and Evolution will join us in broadly expanding consumer access to lab grown diamonds."
ALTR launched in 2016 as a division of Amish Shah's R.A. Riam Group, Inc., building on a foundation of 85 years in the diamond and fine jewelry industry. "As part of our ongoing commitment to transparency and authenticity, we are pleased to be one of the first sublicensees of WD's patent portfolio," said Hitesh Mehta, Managing Director of ALTR India. "To set a precedent that symbolizes legitimacy and responsible business practices in the lab grown diamond category is a matter of pride, and a great opportunity for us."
Evolution Diamond, based out of New York City, is a preeminent wholesaler in the lab grown diamond industry, led by Chief Executive Officer Rajiv Kothari, a multi-generation veteran of the natural diamond and jewelry industry.
Both ALTR and Evolution share WD's vision for driving progressive change and consumer engagement through sustainability and corporate responsibility. With this announcement, WD reinforces its commitment to expanding the organization's global network and defining the industry standard in quality and transparency.
About WD Lab Grown Diamonds
Based in the Washington D.C. area and founded in 2008, WD Lab Grown Diamonds is a market leader in Chemical Vapor Deposition (CVD) diamonds, with its diamonds certified by the International Gemological Institute (IGI) and Gem Certification & Assurance Lab (GCAL), among other labs. The Company also offers new technologies and applications for diamonds in industrial settings. WD Lab Grown Diamonds is the exclusive licensee of a portfolio of patents covering single crystal CVD diamond growth technology developed by The Carnegie Institution of Washington. WD is jointly owned by WD Management, members of its board of directors, Huron Capital, and The Carnegie Institution of Washington. For more information, visit www.wdlabgrowndiamonds.com.
Chief Marketing Officer
WD Lab Grown Diamonds
SOURCE WD Lab Grown Diamonds