SGX-listed Metech International Limited (“Metech” or the “Company”, and together with its subsidiaries, the “Group”), is pleased to announce that the lab-grown diamond facilities in Singapore of its joint venture company, Asian Eco Technology Pte. Ltd. (“Asian Eco”), can commence commercial production, following the receipt of the fire safety certificate issued by Singapore Civil Defence Force.
A pilot test of the lab-grown diamond facilities has been successfully completed.
As announced previously, Asian Eco entered into a 3-year lease agreement for an industrial property located at Kallang for the production of lab-grown diamonds.
A wholly-owned subsidiary, Zhongxin Minghua (Shanghai) International Trade Co., Ltd. (formerly known as Nolash (Shanghai) Pte Ltd.), is now a registered member of the Shanghai Diamond Exchange with effect from 13 July 2022.
Growing Industrial Applications of Lab-Growth Diamonds
Diamonds are more widely known to be used in jewellery but diamonds are also commonly used for industrial applications in oil & gas, medical equipment, aerospace, among others.
With an impressive combination of chemical, physical and mechanical properties that are ideal for a wide array of industrial applications, there is increasing commercialisation of scientific discoveries for the industrial applications of diamond in the next generation of semiconductors, aerospace, electric vehicles, medical equipment, among others.
To harness such opportunities, Asian Eco has previously entered in various memorandum of understandings and collaboration agreements with strategic partners and prominent institutions in the areas of research and development and commercialisation.
Commenting on the commencement of Asian Eco’s commercial production of lab-grown diamonds in Singapore, Ms. Samantha Hua, Executive Director and Chief Executive Officer of Metech, said: “This is a major milestone in our business strategy, accelerating our growth ambitions within the global lab-grown diamond industry that continues to exhibit positive growth prospects with its sustainability features.
Aligned with the macro trends of the global lab-grown diamond market, we aim to progressively scale up our production capabilities in Singapore and harness new opportunities.”