Metech JV signs MOU to supply Maitri Diamond with lab-grown diamonds

Retail gold jewelery outlet in Singapore’s Little India neighborhood; taken October 2018.Retail gold jewelery outlet in Singapore’s Little India neighborhood; taken October 2018.

Metech International’s joint venture Asian Eco Technology has entered a memorandum of understanding (MOU) to supply India-based Maitri Diamond with lab-grown diamonds, the Singapore-listed company said in a filing to SGX Friday.

The deal comes hard on the heels of Metech’s announcement earlier Friday that Asian Eco Technology entered an MOU to supply India-based Lucinu Jewellery with lab-grown diamonds.

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.

Maitri Diamond, established for more than 10 years in the precious gemstones industry, specializes in cutting and polishing diamonds and distributing polished diamonds, the filing said. The India-based company has the capacity to process 40,000 to 50,000 carats of precious gemstones annually, the filing said.

Maitri Diamond, which has offices in Surat, Mumbai and Hong Kong, is also a RapNet member selling certified diamonds, the filing said, noting RapNet is a large online marketplace for sourcing and selling diamonds and jewellery.