Scio Diamond Closes $1.6 Million Financing Deal

(IDEX Online News) – Lab-grown diamond maker Scio Diamond Technology Corporation has closed on $1.565 million in equity financing in a non-brokered, private placement to a group of accredited investors based in Greenville, South Carolina, where it is headquartered.

The company said the funding would be used for its continuing product development and for working capital.

“We see increasing demand in the market for lab-grown white diamonds,” said CEO Gerald McGuire.

“We successfully completed product development on lab-grown pink diamonds and have been delivering them to the market since June. Our white diamonds are also being sold in the market; we are focused on these because they will increase our revenue potential in the fast-growing, high-quality lab-grown diamond segment.”

Earlier this year, the company doubled its manufacturing capacity, which can be used for either pink or white diamond production.

Scio Diamond creates high-quality, Type IIa single-crystal diamonds.