Events & AwardsJun 09, 2025
And the Winners of the 2025 Couture Design Awards Are … Designers were recognized in 12 categories, from platinum to pearls, before the evening ended with a new, retail-focused award.
SourcingApr 03, 2014
Shareholders seek to oust Scio board
A recent filing with the Securities and Exchange Commission reveals that a number of shareholders of Greenville, S.C.-based Scio want to replace the board because the lab-grown diamond company isn’t making any money.
New York--A recent filing with the Securities and Exchange Commission reveals that a number of shareholders of Greenville, S.C.-based Scio want to replace the board because the lab-grown diamond company isn’t making any money.
According to an SEC filing by nine shareholders who hold a total of 14 percent Scio’s stock, the board is comprised of three individuals: Chairman Edward Adams, Theodore Strous and Robert Linares, Adams’ father-in-law and the founder of Scio predecessor Apollo Diamond.
Despite the fact that Adams and Linares have been involved in the synthetics business for decades, Scio has “continuously failed to meet the financial projections and metrics provided to shareholders,” the filing states.
Since Aug. 5, 2011, when Adams became board chair, Scio has reported net losses of more than $13 million. Yet the directors have awarded themselves compensation, consulting payments and bonuses of more than $400,000, and paid entities affiliated with the directors more than $350,000, according to the filing.
The shareholders also allege that the board has failed to call a shareholder meeting since August 2011 and has ignored the multiple requests for a meeting.
For all of these reasons, the nine shareholders, “have organized for the purpose of electing a new and independent slate of directors to lead (Scio) and increase the value for all shareholders,” the filing states. Among those who signed the filing was Bernard McPheely, a former Scio Diamond Technology Corp. board member who resigned in May 2013.
Reached Thursday at the company’s headquarters in Greenville, Scio Chief Financial Officer Jonathan Pfohl said they have no comment on the filing at this time.
Scio purchased Boston-based Apollo Diamonds in September 2011. The company grows diamonds using the chemical vapor deposition, or CVD, process.
In June 2012, Scio reportedly began making pink and white gem-quality diamonds, though in an October 2012 interview with National Jeweler then-President and CEO Joe Lancia said that only 15 percent of the company’s production was gem quality. The bulk of what the company grew were industrial diamonds, he said.
Lancia left the company the following month.
RELATED CONTENT: Colorless synthetics: A growing market?
According to a release published on Scio’s website this past September, however, the company is now in a “product-specific” joint venture to produce Type IIa, single crystal CVD diamonds for a “specific gemstone market.”
Scio is acting as the technology and delivery provider in the agreement and
is teaming with two partners that have more than 75 years of collective experience in the gemstone industry, the release states. The partners are providing the funding and associated technologies while Scio is licensing its CVD diamond technology.
The joint venture’s diamond-growing facility will be located in China, where Scio President and CEO Mike McMahon was traveling for business Thursday, and outfitted with 100 Scio-designed reactors. The new entity is set to being producing diamonds in the summer, the release states.
The joint venture’s diamond-growing facility will be located in China, where Scio President and CEO Mike McMahon was traveling for business Thursday, and outfitted with 100 Scio-designed reactors. The new entity is set to being producing diamonds in the summer, the release states.
More on Sourcing
The Latest
AuctionsJun 09, 2025
Nancy Astor’s Cartier Tiara Sells for $1.2MThe rare turquoise and diamond jewel was the top lot at Bonhams’ June jewelry sale.
Events & AwardsJun 09, 2025
Here Are the 2025 Retailer Hall of Fame InducteesThis year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
Events & AwardsJun 09, 2025
CASE Awards Now Accepting Entries For 2025The deadline to submit is June 16.
Weekly QuizJun 05, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJun 09, 2025
RDI Diamonds Partners With LavalierThe diamond wholesaler is working with the insurance provider to seamlessly offer personal jewelry insurance to RDI retailers’ clients.
CollectionsJun 06, 2025
Piece of the Week: Harwell Godfrey’s ‘Granny Squares Eleanor’ Necklace As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.
Brought to you by
The True Power Behind the Counter: Why Sales Associates Are the Heart of the Jewelry BusinessWhen investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.
Events & AwardsJun 05, 2025
The 12 Fresh Faces in Couture’s Design AtelierDiscover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.
Events & AwardsJun 05, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
MajorsJun 05, 2025
Platinum Guild International Updates Leadership TeamTwo existing executives have been given new roles.
Events & AwardsJun 05, 2025
Zillion Announces 'Women in STEM' Scholarship RecipientMeredith Tiderington, an electrical engineering student, was selected for the award.
Lab-GrownJun 04, 2025
GIA Reverting to More General Terminology for Lab-Grown DiamondsIt will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”
Events & AwardsJun 04, 2025
As JCK Talks Returns, Don’t Miss These 12 SessionsFrom design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.
CrimeJun 04, 2025
10 Safety Tips for the Las Vegas Shows The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.
MajorsJun 04, 2025
Amy Curran Promoted at Hill & Co.Her new role is director of strategic initiatives.
CollectionsJun 03, 2025
In Her Latest Collection, Viviana Langhoff Is Leaning Into GoldThe designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.
FinancialsJun 03, 2025
Signet Jewelers Sees Turnaround in Q1 With Sales Ticking Up 2%On an earnings call, CEO J.K. Symancyk discussed what’s working for the company and how it’s preparing for the potential impact of tariffs.
SurveysJun 03, 2025
Consumer Confidence Improves in May The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.
CollectionsJun 03, 2025
Dakota Johnson Is Roberto Coin’s New Brand AmbassadorThe actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.
GradingJun 03, 2025
Mason-Kay Jade Adds ‘Fei Cui’ to Jade ReportsThe company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."
GradingJun 02, 2025
GSI Opens New Lab in Thailand Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.
TrendsJun 02, 2025
Amanda’s Style File: Three Gems for June Those born in June have a myriad of options for their birthstone jewelry.
SourcingJun 02, 2025
David Allouche Joins Grandview Klein DiamondsThe diamond industry veteran has been named its senior sales executive.
FinancialsMay 30, 2025
Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment The company plans to raise the prices of select watches to offset the impact of tariffs.
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable EnvironmentBetween tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ NecklaceDesigned by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.
