Last week, Scio Diamond Technology Corporation producers of  lab-grown diamonds, celebrated the completion of one year “under the direction of a new board of directors and new chief executive officer”, even as it announced results for fiscal 2015,  ended March 31, 2015.

“During the past twelve months, Scio Diamond developed a new business plan and product strategies that have been validated through early product sales. The company also established a new retail sales channel, doubled its manufacturing capacity and made significant strides in the size and quality of diamonds it grows,” explained Gerald McGuire, CEO.

However, total revenue fell to US$ 726,193 in FY 2015 as against a total revenue of US$ 1,418,341 garnered in FY 2014; marking a fall of almost 49%.

Losses from operations for FY 2015 stood at US$ (3,942,638), the Company declared, which was an improvement of $846,876 compared to a loss of US$(4,789,514) in FY 2014.

The Company said that during FY 2015, it had, through its joint venture Renaissance Created Diamonds, “established an entirely new retail supply chain for its lab-grown diamonds”.  

 “We knew this would be a challenging year, but we’ve met all of our milestones with one exception,” McGuire added. “We had planned on revenue from our retail channel development efforts to start materialising sooner than it did.  Our customers needed more time to develop their own plans to market lab-grown diamonds. While we have started building a customer and revenue base, we have a ways to go and need to stay focused to build revenue momentum.”