Diamond Works Technology, Inc. says it plans to bring its OneStep commercially proven chemical vapor deposition (CVD) diamond growth process to Manchester.
According to a statement, Diamond has decades of experience in commercializing crystal growth technology, factories for large-scale production, and establishing a global supply chain of advanced materials. The company also announced that it has hired investment banking company Global Power Partners as its exclusive advisor for its Series A equity financing.
"Our team has extraordinary deep experience and technical expertise in building a successful global business focused on crystal growth and advanced materials," said Tom Zarrella, CEO of Diamond Works Technology and former CEO of GT Solar in Merrimack. "We believe that OneStep CVD diamond growth technology is unique and has significant advantages in terms of high quality, low cost and repeatability. The OneStep process can produce large high-quality diamonds, which can be cut into various shapes. The demand for such products is huge, but the supply is short."
The technology is exclusively purchased by Diamond Works Technology from its technology partner Sonani Jewels Pvt. Ltd. of Gujarat, India. "We are very pleased to cooperate with Diamond Works Technology to establish laboratory-grown diamond mass production in the United States based on our developed and commercially-proven technology," said CEO Jayam Sonani.
By realizing the repeatable and scalable production of laboratory-grown diamonds and gemstones, the OneStep growth process can lay the foundation for Diamond Works Technology to potentially develop diamonds for other processes including electronics, energy storage, and water purification.
In the global diamond and gem jewelry market, worth an estimated $80 billion, laboratory-grown diamonds are a fast growing trade. Per diamond industry analyst Paul Zimnisky, from 2019 to 2035, the laboratory-grown diamond jewelry market is expected to grow by about 400%.
Lab-grown diamonds are increasingly popular, largely because of their lower cost and the importance of sustainability and traceability. Sustainability and traceability will be key elements of Diamond Works Technology's operations.
Diamond Works Technology also plans to use 100% renewable energy and has obtained carbon neutral certification from a global third-party audit agency.