Tuesday, October 29, 2024

Adamas One to Buy Lab-Grown Diamond Manufacturer

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.

Alice
Alice
Alice is a seasoned jewelry designer renowned for her exquisite creations that seamlessly blend artistry with elegance. With a passion for craftsmanship and an unwavering commitment to quality, Alice has established herself as a distinguished figure in the world of fine jewelry. Drawing inspiration from diverse cultures and artistic movements, Alice brings a unique perspective to her designs, creating pieces that transcend mere accessories to become timeless works of art. Her meticulous attention to detail and insistence on using only the finest materials ensure that each creation reflects not only her artistic vision but also a commitment to unparalleled craftsmanship. Having honed her skills through years of dedicated practice and a keen understanding of evolving trends, Alice is adept at translating her clients' desires into bespoke, one-of-a-kind pieces. Her portfolio encompasses a range of styles, from classic and timeless to avant-garde and contemporary, showcasing her versatility and ability to cater to a diverse clientele.

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