The establishment of a specialised and high-tech production facility for lab-grown diamonds in Singapore is a pivotal part of our business strategy, says Samantha Hua, Deputy Chief Executive Officer and Executive Director of Metech International Limited (Metech).
She adds that because sustainability is a core focus for Singapore’s future development, the SGX-listed company believes that the sustainability features of lab-grown diamonds and its increasing applications are aligned with the growth trends of the future.
Metech announced on 19 September that its joint venture company, Asian Eco Technology Pte. Ltd. (AET) has entered into a 3-year lease agreement for an industrial property located at Kallang for the production of lab-grown diamonds, expected to commence by the end of December 2021 with lab- grown diamonds produced on a bi-weekly basis.
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.
There are also continual discoveries of greater uses for diamonds in industrial applications, which could herald future electronics with powerful new properties that will enable next-generation military, aerospace and telecommunications applications(1).
Lab-grown diamond is chemically, physically and optically identical to a mined diamond, hence without the need for mining, lab-grown diamonds is a sustainable source of this important material.
According to the tenth annual report on the global diamond industry, prepared by the Antwerp World Diamond Centre (AWDC) and Bain & Company, global lab-grown diamond production reached 6-7 million carats produced in 2020 alone, with up to 60% of it manufactured in China. However it is still a very small market segment as compared to diamond mining, which peaked at 152 million carats in 2017 and currently stands at around 111 million carats(2).