Adamas One to Buy Lab-Grown Diamond Manufacturer
The South Carolina-based company wants to acquire the production and manufacturing capabilities of India’s Flawless Allure Grown Diamonds.
This week, the company entered into a non-binding letter of intent (LOI) regarding the purchase.
The LOI is subject to due diligence, confirmations within industry standards and approval by Adamas One’s board of directors.
Financial terms of the deal were not disclosed.
In the acquisition, Adamas One will gain control over Flawless Allure’s diamond production, as well as its cutting and polishing capabilities.
“This acquisition will solidify our position as a leader in the lab-grown diamond industry based on our capabilities to vertically integrate, produce and market lab-grown diamonds,” Adamas One CEO Jay Grdina said.
“Our goal has been to complete our ecosystem and become as self-sufficient as possible, and the acquisition of Flawless, one of the top diamond cutters and polishers in the industry, completes our ability to control our end-to-end production, speed of production and time-to-marketing. This transaction represents a significant step in the execution of our strategy to ensure that we are well positioned in the market, with minimal to no shareholder dilution.”
Adamas’ facilities are in Greenville, South Carolina. The company currently holds 36 patents and says it uses a proprietary chemical vapor deposition (CVD) process to grow diamonds.
In 2018, the company purchased all assets of Greenville-based Scio Diamond, which went public in 2011 but ran out of money.
Scio was formerly known as Apollo Diamond Corp., the Boston company founded in 1990.
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