Singapore Exchange listed Metech International Limited has announced that its joint venture company, Asian Eco Technology Pte. Ltd. (AET) has established a unit for the production of lab-grown diamonds.
This project has been initiated by AET because continual discoveries are being made of greater uses for diamonds in industrial applications. Diamonds could herald future electronics with powerful new properties that will enable next-generation military, aerospace and telecommunications applications. Besides, the 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.
Global lab-grown diamond production reached 6-7 mn cts 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 mn carats in 2017 and currently stands at around 111 mn cts.
Ms. Samantha Hua, Deputy CEO and Executive Director of Metech, said: "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'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."
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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