Metal E-Waste Management company Metech International announced in late September that its wholly-owned subsidiary, Asian Green Tech Pte Ltd, had entered into a joint venture with X Diamond Capital. The new company, incorporated as Asian Eco Technology, will focus on the manufacturing and distribution of lab-grown diamonds, which have been seeing a rise in popularity and applications, allowing it to expand further in the environmental and sustainability business. Pursuant to the agreement, the two companies will incorporate a joint venture company in Singapore to carry out the business of manufacturing and distribution of lab-grown diamonds.
While diamonds are more widely known to be used in jewelry, they are also extremely effective for industrial applications such as polishing, cutting, and drilling. Additionally, while they are chemically, physically and optically identical to mined diamonds, lab-grown diamonds are ten times more durable than mined diamonds, and diamond-based components reduce energy losses by up to 90%. As such, they are pitched as a sustainable choice to green-conscious consumers, and production has grown to 6-7 million carats in 2020, although still a small amount compared to the 111 million carats of mined diamonds in 2020.