Beyond jewellery, diamonds have been commonly used for industrial applications in medical equipment, aerospace and semiconductors among others.
See: Metech signs MOU to supply lab-grown diamonds to India-based Lucinu Jewellery
According to Metech, a lab-grown diamond is chemically, physically and optically identical to a mined diamond. It is also a more sustainable source compared to mined diamonds.
Asian Eco Technology has also recently entered into a three-year lease agreement for an industrial property in Kallang that can accommodate up to 30 production machinery for lab-grown diamonds.
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Production is expected to commence by the end of December 2021 and the lab-grown diamonds will be produced on a biweekly basis.
Shares in Metech closed flat at 27.5 cents on Oct 27.
