Moti Ferder stepped down Wednesday and will not receive any severance pay, parent company Compass Diversified said.
Diamond Grower IIa Responds in Patent Fight
IIa Technologies, sister company to Pure Grown Diamonds, is refuting claims of patent infringement made by De Beers subsidiary Element Six.
Singapore--IIa Technologies, the lab-grown diamond company that operates a huge diamond “greenhouse” in Singapore and supplies Pure Grown Diamonds, is refuting claims of patent infringement made by De Beers subsidiary Element Six.
Element Six, which produces diamonds for industrial purposes, announced Jan. 12 that it was taking legal action against IIa Technologies in Singapore because it believes the company is “exploiting” its patents for commercial gain, using them without permission to grow both industrial and gem-quality diamonds.
In a statement released this week, IIa Technologies said it developed its diamond-growing processes and products in-house, and has been awarded several patents of its own.
CEO Vishal Mehta said the company believes it is not infringing on Element Six’s patents and, in fact, will challenge the validity of their patents in court.
He added that II Technologies has entered its appearance in Singapore’s High Court and will “vigorously defend” itself against the allegations.
The company said it will offer no further comment for the duration of the legal proceedings.
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