Lab-Grown Firm Adamas to Acquire Manufacturing Company

US-based synthetic-diamond maker Adamas One has signed a letter of intent to buy Indian cutting and polishing company Flawless Allure Grown Diamonds.

Adamas, which creates gem-quality and industrial lab-grown diamonds using chemical vapor deposition (CVD), will acquire 100% of Flawless, including all patents, trademarks, know-how, trade secrets, supply lists and other material and intellectual property assets, it said Tuesday. The purchase will enable Adamas to have greater control of all aspects of its diamond production, as well as access to cutting and polishing capabilities, it explained.

“This acquisition will solidify our position as a leader in the lab-grown diamond industry, based on our capabilities to vertically integrate, produce and market lab-grown diamonds,” said Adamas CEO Jay Grdina. “Our goal has been to complete our ecosystem and become as self-sufficient as possible, and the acquisition of Flawless, one of the top diamond cut-and-polishers in the industry, completes our ability to control our end-to-end production, speed of production and time-to-marketing.”

Adamas recently purchased a minority stake in artificial intelligence (AI) company NexGenAI Solutions. That followed the company’s move last year to file for an initial public offering (IPO).

Image: A diamond platelet in a tweezer. (LakeDiamond)