Manchester firm seeks to ramp up production of lab-grown diamonds
Group of ex-GT Solar execs for, Diamond Works International
A group of former GT Solar executives has launched Diamond Works Technology Inc., a Manchester firm that aims to scale up production of lab-grown diamonds using an advanced diamond-growth process that it has acquired.
The OneStep CYD technology has been acquired from Diamond Works’ technology partner, Sonani Jewels Pvt. Ltd., a company based in India.
At the former GT Solar, the predecessor company of GT Advanced Technologies in Hudson, the executives say they worked on commercializing crystal growth technologies, scaling factories to volume production and building global supply chains for the advanced materials.
“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 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.”
According to Zarrella, the OneStep process can produce large, high-quality diamonds that are 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.”
Lab-grown diamonds are a growing segment of the over $80 billion global diamond gemstone jewelry market, and it is projected to keep growing due in large part to their lower costs and to younger consumers placing a value on sustainability and traceability in the products they purchase.
By enabling repeatable and scalable production of lab-grown diamond gemstones, the OneStep growth process could lay the foundation for Diamond Works to address a broad spectrum of other potential applications for high-quality diamond materials, including diamond electronics, energy storage and water purification, Zarrella said.
The company has retained investment banking firm Global Power Partners as its exclusive advisor in a Series A equity financing.