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
GREENVILLE, SC, Nov. 15, 2011 /CNW/ - 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
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
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
SOURCE Scio Diamond
For further information:
Gary T. Dvorchak, CFA
Senior Vice President
+1 (310) 954-1123