&bull A lab-grown diamond is a diamond: chemically, physically and optically identical to a mined diamond

 

&bull AET has the technological capabilities to produce the highest grade of lab-grown diamonds that are used for jewellery production

 

&bull The industrial property located at Kallang is expected to accommodate up to 30 production machinery for lab-grown diamonds

 

&bull The production is expected to commence by the end of December 2021 and the lab-grown diamonds will be produced on a bi-weekly basis

 

Singapore, 19th October 2021 &ndash SGX-listed Metech International Limited (&ldquo Metech&rdquo or the &ldquo Company&rdquo , and together with its subsidiaries, the &ldquo Group&rdquo ), is pleased to announce that its joint venture company, Asian Eco Technology Pte. Ltd. (&ldquo AET&rdquo ) has entered into a 3-year lease agreement for an industrial property located at Kallang for the production of lab-grown diamonds.

 

Diamonds are more widely known to be used in jewellery but diamonds are also commonly used for industrial applications in oil & gas, medical equipment, aerospace, among others.

 

There are also continual discoveries of greater uses for diamonds in industrial applications, which could herald future electronics with powerful new properties that will enable next-generation military, aerospace and telecommunications applications.

 

Lab-grown diamond is chemically, physically and optically identical to a mined diamond, hence without the need for mining, lab-grown diamonds is a sustainable source of this important material.

 

According to the tenth annual report on the global diamond industry, prepared by the Antwerp World Diamond Centre (AWDC) and Bain & Company, global lab-grown diamond production reached 6-7 million carats produced in 2020 alone, with up to 60% of it manufactured in China. However it is still a

very small market segment as compared to diamond mining, which peaked at 152 million carats in 2017 and currently stands at around 111 million carats(2)

.

Ms. Samantha Hua, Deputy Chief Executive Officer and Executive Director of Metech, said: &ldquo The establishment of our specialised and high-tech production facility for lab-grown diamonds in Singapore is a pivotal part of our business strategy.

 

Sustainability is a core focus for Singapore&rsquo s future development and we believe that the sustainability features of lab-grown diamonds and its increasing applications are aligned with the growth trends of the future.

 

Building on our current momentum, we look forward to expand our production capabilities in Singapore and grow our business presence globally.&rdquo

De Beers&rsquo Lab-grown Diamonds Brand, Lightbox, Debuts Sales of Loose Stones
Lightbox, De Beers&rsquo lab-grown diamond brand, will begin selling loose stones in an effort to make its products more customizable.

 

The new offering enables consumers to buy individual lab-grown diamonds at the company&rsquo s standard price of $800 per carat, Lightbox said Tuesday. Initially, it will focus on round brilliant and princess cuts, with other shapes set to debut in early 2022. The stones are available in a range of carat weights, qualities and colors.

 

&ldquo From the beginning, we have had enquiries from consumers who see our lab-grown diamonds &mdash with their unbeatable price, great quality and range of color &mdash as an opportunity to explore their creativity, making something that is unique to them,&rdquo said Lightbox CEO Steve Coe. &ldquo We are thrilled to launch this exciting new concept that offers a simple and accessible way to create fun and affordable, custom-designed lab-grown diamond fashion jewelry using our colorful array of stones.&rdquo

 

Lightbox will list the lab-grown diamonds on its own retail website, with consumers able to select and buy stones, browse some examples of custom designs, and read through a list of vetted jewelers known for their expertise in bespoke pieces, the company explained. Each stone will carry Lightbox&rsquo s quality inscription, which is visible through a 10x loupe.

 

The stones will also be available at Reeds Jewelers, a nationwide US chain that already stocks Lightbox, according to a report by Women&rsquo s Wear Daily (WWD).

 

The move is Lightbox&rsquo s latest shift away from its original practice of selling only ungraded, mounted fashion jewelry, prompting speculation about the direction in which the miner plans to take the business.

 

In August, the company introduced larger lab-grown diamonds &mdash up to 2 carats &mdash at the same price of $800 per carat. It also debuted a higher-end range called Finest, which features stones with D to F color, VVS clarity and &ldquo excellent&rdquo cut, and prices at $1,500 per carat.

 

&ldquo Selling loose diamonds to consumers is a relatively small business, so my prediction is their next step will be selling loose diamond wholesale in large quantities,&rdquo commented Chris Zoettl, general manager of German jewelry retailer Designer Diamonds.

 

&ldquo From a Lightbox perspective, we are really agnostic on if we sell the stones set in jewelry or loose,&rdquo WWD quoted Coe as saying. &ldquo We will have to wait and see how consumers respond to [the loose stones], but within five years I&rsquo d expect it to be a significant proportion of what we sell.&rdquo