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Metech Enters Into Joint Enterprise to Beget and Distribute Lab-Grown Diamonds

Singapore, Sept 26, 2021 – (ACN Newswire) – SGX-listed Metech Global Restricted (“Metech” or the “Firm”, and alongside side its subsidiaries, the “Group”), is gay to speak that its wholly-owned subsidiary, Asian Inexperienced Tech Pte. Ltd (“AGT”), has entered correct into a joint venture agreement (“JVA”) with X Diamond Capital Pte. Ltd. (“XDC”) on 24…

Metech Enters Into Joint Enterprise to Beget and Distribute Lab-Grown Diamonds


Singapore, Sept 26, 2021 – (ACN Newswire) – SGX-listed Metech Global Restricted (“Metech” or the “Firm”, and alongside side its subsidiaries, the “Group”), is gay to speak that its wholly-owned subsidiary, Asian Inexperienced Tech Pte. Ltd (“AGT”), has entered correct into a joint venture agreement (“JVA”) with X Diamond Capital Pte. Ltd. (“XDC”) on 24 September 2021 to connect a joint venture, pursuant to which AGT and XDC (collectively, the “Parties”) will incorporate a joint venture company (“JV Firm”) in Singapore to catch the enterprise of producing and distribution of lab-grown diamonds (the “Joint Enterprise”).

Below the JVA, AGT shall characteristic and put collectively the JV Firm while XDC shall provide technical give a enhance to to the JV Firm.

The Rising Reputation and Purposes of Lab-Grown Diamonds

A lab-grown diamond is a diamond: chemically, bodily and optically the same to a mined diamond.

While diamonds are more widely identified to be primitive in jewellery, diamonds are also recurrently primitive for industrial purposes as they’re extremely efficient at sharpening, cutting, and drilling.

Moreover, lab diamonds own the brink on mined diamonds when it comes to their purity and hardness, with lab-grown diamonds chanced on to be ten cases tougher than pure diamonds. The US Department of Energy stories that diamond-based parts decrease vitality losses by as a lot as 90%(1).

Per figures revealed by Diamond Foundry, the entire environmental footprint of mined diamonds is a lot better than lab diamonds(2).

In May maybe also 2021, the arena’s largest jewellery, Pandora, says it will now not promote mined diamonds and can simply tranquil swap to completely laboratory-made diamonds resulting from issues about the atmosphere and dealing practices within the mining replace(3).

Lab-grown diamond manufacturing has ballooned in most modern years, with 6-7 million carats produced in 2020 on my own, although tranquil a shrimp replace in contrast to diamond mining, which peaked at 152 million carats in 2017 and at the moment stands spherical 111 million carats. But lab-grown diamonds are increasingly more pitched as the sustainable different to cost- and planet-wide awake younger patrons. Moreover to Pandora, De Beers, Vrai and Kimai own begun selling lab-grown diamonds moreover to or somewhat than mined ones(4).

Per Statista, the market dimension of lab-grown diamonds is forecasted to amplify its cost to roughly US$29.2 billion by 2025 and develop to practically 19.2 million carats by 2030(5).

The Joint Enterprise is aligned with the Group’s technique to elongate extra into the environmental and sustainability enterprise.

As lab-grown diamonds are created with out the necessity for mining, they’re a more sustainable manufacturing of diamonds and there are also opportunities to mix renewable vitality in such manufacturing activities, therefore it is aligned with the Group’s environmental and sustainability enterprise model.

Ms. Samantha Hua, Deputy Chief Executive Officer and Executive Director of Metech, acknowledged: “With better know-how and declining manufacturing costs, lab-grown diamonds will almost definitely be a sustainable solution to the declining provide of mined diamonds. Moreover, the millennial know-how are also more aware of the environmental, sustainability and ethical affect of mined diamonds. With our joint venture, we own the capabilities to assemble our own quality diamonds in Singapore and attach fresh channels to catch it accessible to a mighty broader client injurious. I imagine that we’re within the early stages of this emerging client pattern and we’re interested by the opportunities ahead.”

About Metech Global Restricted

(Bloomberg: CENR:SP / Reuters: METE.SI / SGX Stock Code: V3M)

Listed on the Singapore Stock Alternate, Metech has a multi-pronged enterprise model that aligns with the macro trends within the placement of environmental and sustainability.

While proactively evaluating fresh enterprise opportunities to expand its enterprise model, Metech continues to achieve on its capabilities and lengthen the associated rate propositions of its enterprise devices.

For more files, focus on about with www.metechinternational.com.

Issued on behalf of Metech Global Restricted by 8PR Asia Pte Ltd.

Media & Investor Contacts:

Mr. Alex TAN

Cell: +65 9451 5252

Email: alex.tan@8prasia.com

(1) https://www.bbc.com/future/article/20200207-the-magnificent-upward push-of-the-lab-grown-diamond

(2) bit.ly/3kFndrM

(3) https://www.bbc.com/files/enterprise-56972562

(4) bit.ly/3udv1nS

(5) https://www.statista.com/matters/7108/lab-grown-diamond-replace/

This press release is to be learn alongside side Metech’s swap filings on 24 September 2021, which can additionally simply be downloaded by www.sgx.com.

This announcement has been prepared by the Firm and its contents were reviewed by the Firm’s Sponsor, RHT Capital Pte. Ltd. (the “Sponsor”) for compliance with the relevant principles of the Itemizing Manual Portion B: Principles of Catalist of the Singapore Alternate Securities Trading Restricted (the “SGX-ST”). The Sponsor has now not independently verified the contents of this announcement. This announcement has now not been examined or licensed by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, alongside with the correctness of any of the statements or opinions made or stories contained on this announcement.

The contact person for the Sponsor is Mr Khong Choun Mun, Registered Professional, RHT Capital Pte. Ltd. at 6 Raffles Quay, #24-02, Singapore 048580, sponsor@rhtgoc.com.


Subject: Press release summary



Offer: Metech


Sectors: Metals & Mining, Atmosphere, Watches & Jewellery, Local Biz


http://www.acnnewswire.com


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