Scio Diamond Technology Corporation

Scio Diamond Technology Corporation is a synthetic diamond manufacturer that produces near flawless single-crystal diamonds for gemstone and industrial applications, in Greenville, South Carolina. The company produces chemical vapor deposition (CVD) gem-sized synthetic diamond crystals using processes pioneered by Apollo Diamond, and has acquired Apollo Diamond's technology and assets including several U.S. patents on the processes.[1]

Scio Diamond Technology Corporation
OTC Pink: SCIO
IndustryDiamond / Manufacturing
Headquarters
Greenville, South Carolina
,
United States
Key people
Joseph Lancia, Edward Adams, Michael Monahan
ProductsSynthetic diamonds
-7,200,000
Websitewww.sciodiamond.com

Products

Scio's so-called "cultured diamonds" are real diamonds, and thus they have the same physical and optical properties as diamonds formed by geological processes. The company's controlled manufacturing processes enables it to produce very high-quality, high-purity, high volume, single-crystal colorless, near colorless and fancy colored diamonds to suit a variety of industrial and gemstone applications.[2]

Synthetic diamonds are often viewed as "green" as they are not mined, avoiding the controversy surrounding blood diamonds by ensuring ethical sourcing that does not finance war or violence.[3]

Alleged fraud and embezzlement

In 2017, the United States Department of Justice announced the indictment of Edward S. Adams, the chairman of the board of directors of the company, with "orchestrating an elaborate fraud scheme to embezzle millions of dollars of investors' funds."[4][5]

Delisting

In August of 2019, the stock (under symbol SCIO) was delisted by the SEC after the company failed to file any financial reports for over two years.[6]

See also

References
  1. Official website
  2. Scio Diamond has the technology to cultivate an infinite supply of diamond to assist in meeting global demand
  3. Smithsonian - Diamonds on Demand
  4. https://www.prnewswire.com/news-releases/actions-involving-former-scio-diamond-board-chairman-announced-300428837.html
  5. https://www.fraudswatch.com/financial-fraud-edward-s-adams-charged-with-orchestrating-an-elaborate-fraud-scheme-to-embezzle-millions-of-dollars-of-investors/
  6. SEC Delists Lab-Grown Diamond Company Scio
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