|Greenville, U.S.-based Lab-grown diamond (LGD) producer Scio Diamond Technology Corporation (Scio) has announced that it has raised US$1.565 million in equity financing through a non-brokered, private placement.
The funding will be used for Scio Diamond's continuing product development and for working capital, says the company.
"We see increasing demand in the market for lab-grown white diamonds," says Scio's 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, it was reported that áthe company had doubled its manufacturing capacity, which can be used for either pink or white diamond production.