Commercial Production of Lab-Grown Diamonds to Begin in Singapore
Following receipt of the fire safety certificate from the Singapore Civil Defence Force, Metech International Limited, a company listed on the Singapore Exchange, announced that the lab-grown diamond facilities in Singapore of its joint venture company, Asian Eco Technology Pte. Ltd., can begin commercial production.
The lab-grown diamond facilities have successfully undergone a pilot test. As previously reported, Asian Eco signed a three-year lease on an industrial site in Kallang to produce lab-grown diamonds.
A wholly-owned subsidiary, Zhongxin Minghua (Shanghai) International Trade Co., Ltd. (formerly known as Nolash (Shanghai) Pte Ltd.), is now a registered member of the Shanghai Diamond Exchange.
Diamonds are well known for their use in jewellery, but they are also frequently employed in oil & gas, medical equipment, and aerospace, among other industries.
Scientific discoveries for the industrial applications of diamond in the next generation of semiconductors, aerospace, electric vehicles, and medical equipment, among others, are increasingly being commercialised. Diamond's impressive combination of chemical, physical, and mechanical properties makes it ideal for a wide range of industrial applications.
Asian Eco has signed many memorandums of understanding and partnership agreements with strategic partners and institutions in the areas of research and development and commercialisation to capitalise on such prospects.
Ms. Samantha Hua, Executive Director and Chief Executive Officer of Metech, said:
“This is a major milestone in our business strategy, accelerating our growth ambitions within the global lab-grown diamond industry that continues to exhibit positive growth prospects with its sustainability features.
"Aligned with the macro trends of the global lab-grown diamond market, we aim to progressively scale up our production capabilities in Singapore and harness new opportunities.”
Source: Business News Philippines