The U.S. Department of Justice, through its District of Minnesota U.S. Attorney's Office, has announced a federal indictment charging former Scio Diamond Technology Corporation (Scio Diamond) Board of Directors Chairman, Edward S. Adams, with "orchestrating an elaborate fraud scheme to embezzle millions of dollars of investors' funds." The indictment alleges the activity happened between 2006 and 2013. Adams was indicted Wednesday in U.S.
Synthetic diamond manufacturer Scio Diamond, based in the U.S., reported a 7.5% rise in revenue (+ $12,886) for the first quarter of the 2017 fiscal year, ended June 30, increasing to $185,061. However, it also came with a larger (+39%) loss - from $848,585 in Q1 2016 to $1,181,675 in Q1 2017.
JCK's Rob Bates reports on the latest round of infighting among the directors at synthetic diamond manufacturer Scio Diamond, as former director James Korn charges in his resignation letter that current chair Bernard McPheely has “led to Scio to insolvency” and the company “operates on life support.” Addressing his letter to Chairman of the Board Bernard M.
US-based diamond grower Scio Diamond Technology Corp. said it has returned to full production following its December shutdown due to what it called a water line break.
Rob Bates of JCK reports that American manufacturer of synthetic diamonds, Scio Diamond, reported increased revenue In the third quarter of fiscal 2016, which diminished their losses by a full 3%. "Revenue grew 15% to $125,677 for the Greenville, S.C.–based company’s third quarter of fiscal 2016 (ended Dec. 31). The quarter showed a net loss in of $1.26 million, an improvement from the prior year’s $1.3 million." “We are pleased to report revenue growth, albeit below expectations,” said Gerald McGuire, president and CEO, in a statement.
More than 10 leading grown diamond producers, distributors and retailers have come together to launch the International Grown Diamond Association (IGDA). The association aims to represent the grown diamond industry, promote grown diamonds as a new choice in diamonds and educate about various unique qualities and applications of grown diamonds. Founded in the U.S., the IGDA seeks to serve as the central point of communication, education, development and growth of the industry.
Scio Diamond Technology Corp, which produces lab-grown Type IIa single-crystal diamonds, has received its 28th U.S. patent for what it describes as its unique process to grow diamonds that are chemically, physically and optically identical to mined diamonds. The newest patent is for Gemstone Production from Chemical Vapor Deposition (CVD) Diamond Plate and was granted on January 5, the firm said in a statement.
The American lab-grown diamond producer generated total revenue of $236,292 in Q2 FY 2016 which ended on September 30, an increase of 127 percent from the year-earlier figure. However, losses from operations in Q2 FY 2016 were $801,469 from $678,255 a year before. Cash and cash equivalents were $942,802 from $767,214 as of March 31, 2015 as a result of the company’s successful completion of a recent equity offering.