Scio Diamond to raise shipments on record output

Artificial diamond-maker Scio Diamond Technology (OTC_BB:SCIO) has announced plans to dramatically raise shipments on the back of record production levels.

According to a Scio press release the first 16 weeks of production by the company yielded over 3,300 carats of useable diamond, with the past five week producing 1,400 carats alone.

Scio, which produces lab-grown diamonds to specifications uncommon in nature using a patented vapor deposition process, also says ongoing increases in laser fabrication capacity will see shipments reach thousands of diamond parts per month.

"On a month over month basis we have increased our production 29% in September as we remain on track in the progressive implementation of our growing technologies," said CEO Joseph Lancia.

According to Scio COO Mike McMahon the current production rate is 14,5000 carats per year, marking a dramatic rise compared to 4,300 in June of last year due to greater reactor up time and increased growth per crystal.