'Strong potential' in lab-grown diamond market: Metech International
Add BT as a preferred sourceClaudia Tan HS
DeeperDive is a beta AI feature. Refer to full articles for the facts.
THE lab-grown diamond market has "strong potential" given that consumers today are more concerned about the environmental, sustainability and ethical impacts of mined diamonds, said Catalist-listed Metech International V3M on Monday (Jan 10).
The company was responding to shareholders' queries about its lab-grown diamond business ahead of its upcoming extraordinary general meeting on Jan 11.
Metech added that in a bid to attract consumers, the price points of lab-grown diamonds will be lower than mined ones.
This is possible thanks to the lower production costs of lab-grown diamonds. It also a more sustainable way of producing diamonds, said Metech.
Apart from being identical to mined diamonds, lab-grown diamonds and other super hard materials are found to be 10 times more durable, said Metech.
This means that equipment manufactured with these materials for industrial applications will also be "extremely effective" at polishing, cutting and drilling.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
Plans are underway to promote the sustainable development of the lab-grown diamond market in China via new initiatives with China's Guangzhou Diamond Exchange, said Metech.
Shares of Metech ended Monday at S$0.31, down S$0.02 or 6.1 per cent.
READ MORE:
Metech enters joint venture with X Diamond Capital to make lab-grown diamonds
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
