This item was originally published on Tuesday, 12 October 2021 at 22:47 SGT; it has since been updated to include details on KDT Diamond.
Metech International announced Tuesday it has entered separate strategic collaboration deals with Guangzhou Diamond Exchange and National Testing Centre for Gold and Silver Jewellery (Tianjin).
In addition, Metech said it has entered an agreement with KDT Diamond, one of South Korea’s largest diamond distribution and manufacturing companies.
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 (AET), while X Diamond Capital provides technical support.
Guangzhou Diamond Exchange
On Tuesday, Metech said AET entered a strategic collaboration agreement with Guangzhou Diamond Exchange for both parties to use their resources and networks to develop and promote the lab-grown diamond market in China via international trade, standardisation, and research and development collaboration.
Guangzhou Diamond Exchange (GZDE) is the only diamond trading platform approved by the People’s Government of Guangdong Province and it is one of only two diamond exchanges in China recognised as an affiliated member of the World Federation of Diamond Bourses, Metech said in a filing to SGX.
“GZDE is an internationally-recognised diamond exchange and the collaboration between GZDE and AET aims to drive deeper collaborations across the industry and create new value propositions within the lab-grown diamond market in China which is currently the second-biggest consumer of diamonds in the world,” Metech said.
National Testing Centre for Gold and Silver Jewellry (Tianjin),
In a separate filing to SGX Tuesday, Metech said Asian Eco Technology (AET) entered a non-binding strategic collaboration with National Testing Centre for Gold and Silver Jewellry (Tianjin), or NTGS, for NTGS to provide independent assessment and certification of AET’s lab-grown diamonds to be marketed and sold in China.
NTGS, which provides professional and independent assessment and certification for precious metals, jewellery and gemstones in China, is authorised by various state agencies and organisations in China, including General Administration of Quality Supervision, Inspection and Quarantine of the People’s Republic of China, Certification and Accreditation Administration of the People’s Republic of China, and China National Accreditation Service for Conformity Assessment, Metech said in a filing to SGX.
Under the deal, NTGS will grade and certify AET’s lab-grown diamonds using the same process as with mined diamonds, the filing said.
“China’s giant middle class is still growing and they are increasingly conscious of the environmental and ethical impact of their purchases, hence we believe there is strong potential for lab-grown diamonds to gain more market share within China’s jewellery market with its lower
price points and sustainability attributes,” Samantha Hua, deputy CEO and executive director of Metech, said in the statement.
“The certification by National Testing Centre for Gold and Silver Jewellry (Tianjin) will be important to assure Chinese consumers of its quality in terms of cut, clarity, color, and carat, similar to a mined diamond,” Hua added.
Metech said late Tuesday AET has entered an agreement with KDT Diamond, one of South Korea’s largest diamond distribution and manufacturing companies, with hundreds of retail stores in the country as well as online sales channels for its diamond and jewellery business.
Under the deal, AET will provide a steady supply and minimum quantity of rough and polished lab-grown diamonds to KDT Diamond annually, Metech said. In addition, both companies will explore a joint venture deal to develop the lab-grown diamond business in South Korea, Metech said.
“KDT Diamond is the most prolific jeweller in Korea and our ability to supply them with our jewellery-grade lab-grown diamonds reflects our technological capabilities in this specialised market,” Deputy CEO Hua said in the statement.