Scio Diamond Technology Corporation closed on $1.6 million in equity financing in a non-brokered, private placement to a group of accredited investors based in Greenville.
The funding will be used for product development and for working capital.
“We see increasing demand in the market for lab-grown white diamonds,” said Scio Diamond 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.
