Singapore, Sept 26, 2021 – (ACN Newswire) – SGX-listed Metech International Limited (” Metech” or the “Company”, and together with its subsidiaries, the “Group”), is happy to reveal that its wholly-owned subsidiary, Asian Green Tech Pte. Ltd (” AGT”), has actually participated in a joint endeavor contract (” JVA”) with X Diamond Capital Pte. Ltd. (” XDC”) on 24 September 2021 to develop a joint endeavor, pursuant to which AGT and XDC (jointly, the “Parties”) will integrate a joint endeavor business (” JV Company”) in Singapore to perform business of production and circulation of lab-grown diamonds (the “Joint Venture”).
Under the JVA, AGT will run and handle the JV Company while XDC will supply technical assistance to the JV Company.
The Rising Popularity and Applications of Lab-Grown Diamonds
A lab-grown diamond is a diamond: chemically, physically and optically similar to a mined diamond.
While diamonds are more commonly understood to be utilized in jewellery, diamonds are likewise typically utilized for commercial applications as they are incredibly reliable at polishing, cutting, and drilling.
Furthermore, laboratory diamonds have the edge on mined diamonds with concerns to their pureness and firmness, with lab-grown diamonds discovered to be 10 times more long lasting than natural diamonds. The United States Department of Energy reports that diamond-based elements decrease energy losses by approximately 90%( 1 ).
According to figures released by Diamond Foundry, the overall ecological footprint of mined diamonds is much greater than laboratory diamonds( 2 ).
In May 2021, the world’s biggest jewellery, Pandora, states it will no longer offer mined diamonds and will change to specifically laboratory-made diamonds due to issues about the environment and working practices in the mining market( 3 ).
Lab-grown diamond production has actually swollen over the last few years, with 6-7 million carats produced in 2020 alone, though still a small market compared to diamond mining, which peaked at 152 million carats in 2017 and presently loafs 111 million carats. Lab-grown diamonds are significantly pitched as the sustainable option to cost- and planet-conscious young customers. In addition to Pandora, De Beers, Vrai and Kimai have actually started offering lab-grown diamonds along with or in location of mined ones( 4 ).
According to Statista, the marketplace size of lab-grown diamonds is anticipated to increase its worth to around US$292 billion by 2025 and grow to almost 19.2 million carats by 2030( 5 ).
The Joint Venture is lined up with the Group’s technique to broaden even more into the ecological and sustainability company.
As lab-grown diamonds are produced without the requirement for mining, they are a more sustainable production of diamonds and there are likewise chances to incorporate renewable resource in such production activities, thus it is lined up with the Group’s ecological and sustainability organization design.
Ms. Samantha Hua, Deputy Chief Executive Officer and Executive Director of Metech, stated: “With much better innovation and decreasing production expenses, lab-grown diamonds will be a sustainable service to the decreasing supply of mined diamonds. In addition, the millennial generation are likewise more mindful about the ecological, sustainability and ethical effect of mined diamonds. With our joint endeavor, we have the abilities to develop our own quality diamonds in Singapore and develop brand-new channels to make it available to a larger customer base. I think that we remain in the early phases of this emerging customer pattern and we are thrilled about the chances ahead.”
About Metech International Limited
( Bloomberg: CENR: SP/ Reuters: METE.SI/ SGX Stock Code: V3M)
Listed on the Singapore Stock Exchange, Metech has a multi-pronged service design that lines up with the macro patterns in the location of ecological and sustainability.
While proactively examining brand-new company chances to widen its organization design, Metech continues to develop on its abilities and extend the worth proposals of its organization systems.
For more details, go to www.metechinternational.com
Issued on behalf of Metech International Limited by 8PR Asia Pte Ltd.
Media & Investor Contacts:
Mr. Alex TAN
Mobile: 659451 5252
( 1) https://www.bbc.com/future/article/20200207- the-sparkling-rise-of-the-lab-grown-diamond
( 2) bit.ly/ 3kFndrM
( 3) https://www.bbc.com/news/business-56972562
( 4) bit.ly/ 3udv1nS
( 5) https://www.statista.com/topics/7108/ lab-grown-diamond-industry/
This news release is to be checked out in combination with Metech’s exchange filings on 24 September 2021, which can be downloaded by means of www.sgx.com
This statement has actually been prepared by the Company and its contents have actually been evaluated by the Company’s Sponsor, RHT Capital Pte. Ltd. (the “Sponsor”) for compliance with the appropriate guidelines of the Listing Manual Section B: Rules of Catalist of the Singapore Exchange Securities Trading Limited (the “SGX-ST”). The Sponsor has actually not individually validated the contents of this statement. This statement has actually not been analyzed or authorized by the SGX-ST and the SGX-ST presumes no obligation for the contents of this statement, consisting of the accuracy of any of the declarations or viewpoints made or reports consisted of in this statement.
The contact individual for the Sponsor is Mr Khong Choun Mun, Registered Professional, RHT Capital Pte. Ltd. at 6 Raffles Quay, #24-02, Singapore 048580, firstname.lastname@example.org
Topic: Press release summary
Sectors: Metals & Mining, Environment, Watches & Jewelry, Local Biz
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