SGX-listed Metech International has set up a joint venture to produce so-called “lab-grown” diamonds to what it says is growing demand.

Citing estimates by Statista, Metech notes that the market size of lab-grown diamonds is forecasted to increase its value to approximately US$29.2 billion by 2025 and grow to nearly 19.2 million carats by 2030 – up from some 6 – 7 million carats produced last year.

The joint venture, via Metech’s subsidiary Asian Green Tech, is with X Diamond Capital, and will have an initial paid up capital of $500,000. It will be 51% held by Metech and X Diamond Capital, the remaining 49%.

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