Cypriot deeptech WeCare has raised $350,000 for R&D into the development of lab-grown diamonds.
Lab-grown diamond productions, including run-of-mine (ROM) diamonds, delivered to designated facilities under Saad Kassis Mohamed's guidance at WeCare Foundation, undergo thorough valuation by accredited experts.
Using WeCare Foundation's proprietary valuation methods, these productions are assessed for their market potential and quality before their use within a range of industries such as telecommunications, laser optics, as abrasives and more.
The demand for lab-grown diamonds is steadily increasing, with Teji Mandi’s findings suggesting that it is expected to reach 160 million carats by 2030, signifying the growing acceptance of lab-grown diamonds in Asia.
"WeCare Foundation is committed to fostering innovation and sustainability in the lab-grown diamond industry. By providing access to tailored funding solutions and market opportunities, we aim to empower small to mid-sized players to thrive in this rapidly evolving sector," commented Saad Kassis Mohamed, Chairman of WeCare Foundation.
The funding garnered backing from Red Capital alongside individual investors.
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