Metech International has, through its joint venture company Asian Eco Technology, entered into a strategic collaboration with Rui Ji Healthcare to jointly develop and manufacture surgical tools with lab-grown diamonds.
Rui Ji Healthcare is a Chinese-based company that specialises in the manufacturing of medical tools and equipment.
Beyond jewellery, diamonds have been commonly used for industrial applications in medical equipment, aerospace and semiconductors among others.
See: Metech signs MOU to supply lab-grown diamonds to India-based Lucinu Jewellery
According to Metech, a lab-grown diamond is chemically, physically and optically identical to a mined diamond. It is also a more sustainable source compared to mined diamonds.
Asian Eco Technology has also recently entered into a three-year lease agreement for an industrial property in Kallang that can accommodate up to 30 production machinery for lab-grown diamonds.
Production is expected to commence by the end of December 2021 and the lab-grown diamonds will be produced on a biweekly basis.
Shares in Metech closed flat at 27.5 cents on Oct 27.
