Scio Diamonds’ Revenue Decreases in FY 2015
July 06, 15
(IDEX Online News) – Lab-grown diamond maker Scio Diamond Technology Corporation has announced mixed fiscal 2015 results, for the year ended March 31, 2015, the first under the leadership of a new board of directors and CEO.
Total revenue in fiscal 2015 was $726,193, versus $1,418,341 in fiscal 2014. Product revenue in 2015 was $351,193 versus $793,341 in 2014. However, losses from operations for 2015 were $3,942,638, a decrease of $846,876, compared to a loss of $4,789,514 in 2014.
March saw a 71-percent increase in the total number of carats produced in March 2014.
There was also a 150-percent increase in total cored carats (the amount of diamonds prepared for final polishing). During the year, the average crystal size more than doubled.
In June, Scio announced a marketing program through Herzberg Diamonds, the fourth largest jewelry retailer in the US.
“During the past 12 months, Scio Diamond developed a new business plan and product strategies that have been validated through early product sales,” said CEO Gerald McGuire.
“The company also established a new retail sales channel, doubled its manufacturing capacity and made significant strides in the size and quality of diamonds it grows.”