Scio Diamond Hits Milestone with Mosaic Diamond Growth Production

Scio Diamond Technology Corp. (OTCBB: SCIO), a leading producer of cultured diamonds through a patented chemical vapor process, reported this morning that it is now in production with its Mosaic Diamond growth process. Hitting this milestone allows the company to grow large plates of single crystal diamonds that are unparalleled in size anywhere in the world, according to the company.

Scio’s chief executive Joe Lancia said that with the company’s success in growing multiple plates of diamond in the size of 4.5mm x 18mm x 3.2mm deep, both mass production and fabrication are greatly simplified.

“This is one of our most significant achievements yet,” said Lancia.

The company decided to forgo a different technology of theirs to move right into employing their cutting-edge Mosaic technology. ”We decided to skip over our S3724 technology and go directly to our one-of-a-kind Mosaic technology,” said Mike McMahon, Scio’s Chief Operating Officer. “We had the large Scio-produced mosaic seed stock in inventory and the confidence in our operational personnel to grow diamond with that stock,” McMahon added.

After moving its production operations from the northeast U.S. to Greenville, South Carolina late in 2011, the company has wasted no time moving forward. Upon installation, reactors went into production of CVD single crystal diamonds early in May. Scio plans to produce over 150,000 gross carats annually from less than 15 reactors.

According to the company, sales agreements have been consummated and shipment has begun as part of a multi-year/multi-million dollar contract with an international supplier of precision diamond cutting tools and products.

The diamonds have the identical chemical, physical and optical properties as diamonds found in the earth, and the company’s highly controlled manufacturing process enables it to produce very high-quality, high-purity, high volume, single-crystal colorless, near colorless and fancy colored diamonds. Although there is always a market for the diamonds in the jewelry space, the clear opportunity that the company intends to capitalize on is outside that realm with diamonds in high demand in the technology industry.

Shares of SCIO have been on the upswing since the end of June when shares dipped to $2.25 each. A climb to exceed $3 each followed where shares have been channeling between $2.80 and $3.10 for the last month on increased volume.

Scio Diamond Technology Corp. (SCIO) Stock Quote and News:

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