Scio Diamond Technology Corporation plans to begin manufacturing lab-grown colorless and pink stones next year

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Sep 28, 2011, 10:53 ET

GREER, SC, Sept. 28, 2011 /PRNewswire/ - Scio Diamond Technology Corporation (OTC:BB: SCIO) is pleased to announce that they will begin manufacturing lab-grown diamonds immediately after relocating and setting up machines in South Carolina.

Scio Diamond will utilize its equipment along with its proven patented technology to grow diamonds in their new facility. These diamonds will be manufactured in the USA, and will be sold to both the Jewelry and the Industrial markets Worldwide.

Joseph Lancia, CEO says "Scio's focus is in maximizing production capibilities to generate revenue in both the industrial products division and our consumer gemstone division."

Each of Scio Diamond's machines can produce a little less than 1,000 carats per year. The company also plans to laser inscribe the stones. Scio's machines have produced up to 2 ct. stones, however, the sweet spot will be half-carat to three-quarter-carat stones at this time.

Lancia went on to say "The industrial technology side of the business is very exciting as it provides us with long term growth potential within multiple business sectors. Our lab-grown stones provide key benefits to industrial products that natural stones just cannot compete with. Scio will have an ability to deliver high-grade diamonds, precisely built for specific uses. It's game-changing, and with demand outpacing supply, our opportunity to fill this void appears to be only getting bigger year after year."

The company plans to begin wholesaling gemstones from its new home base manufacturing facility to be located in South Carolina to the jewelry market in summer 2012.

Mr. Lancia says, "We have already been approached by a couple of major distributors to take all of our gemstone production," he explains. "This fits with our business model as we are a technology company, this is our core competency and we plan on staying focused on what we know best."

Scio Diamond Corporation is based in Greer, South Carolina. Scio Diamond employs a chemical deposition process to produce high-quality, single-crystal diamonds. Our diamond materials are grown in a controlled laboratory setting. As such, we refer to our laboratory grown diamonds as "cultured" diamonds.

Scio cultured diamonds have the identical chemical, physical and optical properties as any diamond found in the earth. Through our highly controlled manufacturing process we are able to produce very high-quality, high-purity, single-crystal colorless, near colorless and fancy colored diamond. Our technology will permit us to produce cultured diamond in size, color, and quality combinations that are rare, if at all present in nature. Our cultured diamonds are now being offered in limited quantities as jewelry and in the technology arena as the material operating system of the future.

Forward-Looking Statements You should not place undue reliance on forward-looking statements in this press release. This press release contains forward-looking statements that involve risks and uncertainties. Words such as "will," "anticipates," "believes," "plans," "goal," "expects," "future," "intends," and similar expressions are used to identify these forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks we face as described in this press release.

Corporate Website: www.sciodiamond.com

SOURCE Scio Diamond