Former GT Solar executives bring decades of expertise in commercializing crystal growth technologies for high volume production
Company retains investment banking firm, Global Power Partners, as exclusive financing advisor
MANCHESTER, N.H.--(BUSINESS WIRE/AETOSWire)-- Diamond Works Technology, Inc. announced plans to launch its U.S.-based lab-grown diamond production using an advanced, commercially proven, OneStep™ chemical vapor deposition (CVD) diamond growth process being exclusively acquired by Diamond Works Technology from its technology partner, Sonani Jewels Pvt. Ltd. Diamond Works Technology’s leadership has decades of proven success in commercializing crystal growth technologies, scaling factories to volume production and building global supply chains for advanced materials. The Company also announced that it has retained investment banking firm, Global Power Partners, as its exclusive advisor in a Series A equity financing.
“Our team has exceptional depth and expertise in building successful, global businesses focused on crystal growth and advanced materials,” said Tom Zarrella, CEO of Diamond Works Technology and former CEO of GT Solar. “We believe the OneStep CVD diamond growth technology is unique and offers significant advantages in quality, lower costs and repeatability. The OneStep process can produce large, high quality diamonds, capable of being cut into fancy shapes -- products that are in high demand, but short supply. We believe our technology platform, combined with our depth of experience in commercializing crystal growth technology, will enable cost-efficient production of lab-grown diamonds at scale.”
“We are excited to be joining with Diamond Works Technology to establish high volume production of lab-grown diamonds in the United States, based on the commercially-proven technology we have developed,” said Jayam Sonani, CEO of Sonani Jewels. “The repeatable and robust OneStep CVD diamond growth technology results in highly uniform crystal of exceptionally high quality and has been validated by demanding customers worldwide.”
By enabling repeatable and scalable production of lab-grown diamond gemstones, the OneStep growth process could lay the foundation for Diamond Works Technology to address a broad spectrum of other potential applications for high quality diamond materials, including diamond electronics, energy storage and water purification.
Lab-grown diamonds represent a rapidly growing segment of the $80+ billion global diamond gemstone jewelry market. According to diamond industry analyst Paul Zimnisky, the lab-grown diamond jewelry market is projected to grow by approximately 400% from 2019 through 2035. The increasing adoption of lab-grown diamonds is due in large part to their lower costs and to younger consumers placing a high value on sustainability and traceability in the products they purchase. Sustainability and traceability will be key elements of Diamond Works Technology’s operations. Diamond Works Technology intends to be 100% powered by renewable energy and certified as carbon neutral by global third-party auditors.
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