Metech International’s joint venture Asian Eco Technology has entered a memorandum of understanding (MOU) to supply India-based Lucinu Jewellery with lab-grown diamonds, the company said in a filing to SGX Friday.
Lucinu Jewellery, founded in 2014, specialises in cutting and polishing diamonds and the distribution of polished diamonds, the filing said, adding the Indian company has the capacity to process 50,000 to 60,000 carats of gemstones.
In September, Metech’s wholly owned subsidiary Asian Green Tech entered a joint venture with X Diamond Capital to manufacture and distribute lab-grown diamonds, with Asian Green Tech managing and operating Asian Eco Technology, while X Diamond Capital provides technical support, the filing said.
Samantha Hua, deputy CEO and executive director at Metech, noted the lab-grown diamond market has been growing rapidly due to technological advancements and greater consumer acceptance.
“Lucinu Jewellery has built up strong capabilities in working with lab-grown diamonds and we are pleased to supply them in the near future with the highest grade of lab-grown diamonds that are used in jewellery production,” she said in the statement. “This will be a testament to our manufacturing capabilities in this highly specialised area of lab-grown diamonds and we look forward to expand our business presence in other geographical markets.”
Lucinu Jewellery has established offices in Surat, Mumbai, Hong Kong, Shenzhen, Thailand and Europe, the filing said.