Scio Diamond Technology Corporation

Last updated
Scio Diamond Technology Corporation
OTC Pink: SCIO
IndustryDiamond / Manufacturing
Founded17 September 2009  OOjs UI icon edit-ltr-progressive.svg
Headquarters,
Key people
Joseph Lancia, Edward Adams, Michael Monahan
Products Synthetic diamonds
-7,200,000[ citation needed ]
Website www.sciodiamond.com

Scio Diamond Technology Corporation was a synthetic diamond manufacturer that produced near flawless single-crystal diamonds for gemstone and industrial applications, in Greenville, South Carolina. The company produced chemical vapor deposition (CVD) gem-sized synthetic diamond crystals using processes pioneered by Apollo Diamond, and had acquired Apollo Diamond's technology and assets including several US patents on the processes. [1]

Contents

Products

Scio's so-called "cultured diamonds", or synthetic diamonds, although not of natural origin, are real diamonds, and thus they have the same physical and optical properties as diamonds formed by geological processes. The company's controlled manufacturing processes enabled it to produce very high-quality, high-purity, high volume, single-crystal colorless, near colorless and fancy colored diamonds to suit a variety of industrial and gemstone applications. [2]

Synthetic diamonds are often viewed as "green" as they are not mined, avoiding the controversy surrounding blood diamonds by ensuring ethical sourcing that does not finance war or violence. [3]

Alleged fraud and embezzlement

In 2017, the United States Department of Justice announced the indictment of Edward S. Adams, the chairman of the board of directors of the company, with "orchestrating an elaborate fraud scheme to embezzle millions of dollars of investors' funds." [4] [5]

Delisting

In August of 2019, the stock (under symbol SCIO) was delisted by the SEC after the company failed to file any financial reports for over two years. [6]

See also

Related Research Articles

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Diamond is a solid form of the element carbon with its atoms arranged in a crystal structure called diamond cubic. Another solid form of carbon known as graphite is the chemically stable form of carbon at room temperature and pressure, but diamond is metastable and converts to it at a negligible rate under those conditions. Diamond has the highest hardness and thermal conductivity of any natural material, properties that are used in major industrial applications such as cutting and polishing tools. They are also the reason that diamond anvil cells can subject materials to pressures found deep in the Earth.

<span class="mw-page-title-main">Emerald</span> Green gemstone, a beryl variety

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<span class="mw-page-title-main">Gemstone</span> Piece of mineral crystal used to make jewelry

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<span class="mw-page-title-main">Sapphire</span> Gem variety of corundum

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Apollo Diamond Inc. was a company based in Boston, Massachusetts that was able to produce nearly flawless single crystal diamond wafers and crystals for potential use in the optoelectronics, nanotechnology, and consumer gem markets. The company used chemical vapor deposition (CVD) for the production of their gem-sized synthetic diamond crystals, and obtained several U.S. patents on the process. The company's techniques were able to produce colorless gems, in contrast to previous diamond-making techniques which usually produced colored diamonds.

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Gemstone irradiation is a process in which a gemstone is artificially irradiated in order to enhance its optical properties. High levels of ionizing radiation can change the atomic structure of the gemstone's crystal lattice, which in turn alters the optical properties within it. As a result, the gem­stone's color may be significantly altered or the visibility of its inclusions may be lessened.

WD Lab Grown Diamonds ("WD") is a market leader in Chemical Vapor Deposition (CVD) diamonds, headquartered in the Washington, D.C. area. Founded in 2008, WD produces lab-grown diamonds for distribution under the brands WD Lab Grown Diamonds and Latitude, in addition to creating diamonds for high-tech Advanced Materials applications.

References

  1. Official website
  2. Scio Diamond has the technology to cultivate an infinite supply of diamond to assist in meeting global demand
  3. Smithsonian – Diamonds on Demand
  4. "Actions Involving Former Scio Diamond Board Chairman Announced".
  5. "Financial Fraud: EDWARD S. ADAMS Charged with Orchestrating an Elaborate Fraud Scheme to Embezzle Millions of Dollars of Investors". 23 March 2017.
  6. SEC Delists Lab-Grown Diamond Company Scio