Scottsdale, Arizona – Adamas One Corp. has announced plans to acquire India-based lab-grown diamond manufacturer Flawless Allure Grown Diamonds LLP.
This week, the company entered into a non-binding letter of intent (LOI) for the purchase. The LOI is subject to due diligence, industry standard confirmations and approval by Adamas One’s board of directors.
Financial terms of the transaction were not disclosed. The acquisition will give Adamas One control of Flawless Allure’s diamond production, cutting and polishing capabilities.
“This acquisition will solidify our position as a leader in the lab-grown diamond industry based on our ability to vertically integrate, produce and market lab-grown diamonds,” said Jay Grdina, CEO of Adamas One.
“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 market. This transaction represents a significant step in the execution of our strategy to ensure that we are well positioned in the marketplace with minimal to no dilution to our shareholders.
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Adamas’ facilities are located in Greenville, South Carolina. The company currently holds 36 patents, and says it uses a proprietary chemical vapour deposition (CVD) process to grow diamonds.
In 2018, the company bought all the assets of Greenville-based Scio Diamond, which went public in 2011 but ran out of money.
Scio was formerly known as Apollo Diamond Corp, a Boston-based company founded in 1990.
