US-based diamond grower Scio Diamond Technology Corp. has reported its results for the first quarter of the 2017 fiscal year, ended June 30, according to IDEX Online.
Scio generated total revenue of $185,061 – an increase of $12,886 or 7.5%, compared to the same quarter in the 2016 fiscal year. The jump is mainly related to increases in price of the products sold, as Scio shifted its sales focus to white diamond gemstone material.
“The carat weight of our diamonds continues to increase, our color and clarity capabilities continue to improve, our customer base is growing, and we are beginning to see the resulting improvements in our financials,” said Scio CEO Gerald McGuire.
“While short-term cash requirements continue to challenge our efforts, we are optimistic about the market potential for our lab-grown diamonds, and are encouraged by the increasing demand we are seeing from our customers.”
