Metech International’s joint venture company Asian Eco Technology (AET) has entered into a memorandum of understanding to supply India-based Lucinu Jewellery Co with its lab-grown diamonds.
According to Metech, Lucinu Jewellery was founded in 2014 and specialises in the cutting and polishing of diamonds as well as the distribution of polished diamonds. Lucinu Jewellery has the capacity to process 50,000 to 60,000 carats of precious gemstones and it has established offices in Surat, Mumbai, Hong Kong, Shenzhen, Thailand and Europe.
In September, Metech had announced the establishment of AET, its joint venture company with X Diamond Capital, to carry out the business of manufacturing and distribution of lab-grown diamonds. Under the joint venture, Metech shall operate and manage AET while X Diamond Capital shall provide technical support.
See also: Metech International forms lab-grown diamond joint venture
“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,” says Samantha Hua, deputy CEO and executive director of Metech.
“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,” she adds.
Shares in Metech closed up 0.5 cents or 2.17% higher at 23.5 cents on Oct 7.
