US-based lab-grown diamond (LGD) manufacturer Adamas One Corp has purchased a top Indian LGD firm to boost its production capacity.

Adamas entered a non-binding Letter of Intent (LOI) to acquire 100 per cent of Flawless Allure Grown Diamonds (FAGD), including “all patents, trademarks, know-how, trade secrets, supply lists and other materials and intellectual property assets” currently held by FAGD.

Jay Grdina, CEO of Adamas One, said the buyout will enable Adamas One to gain control over all aspects of FAGD’s lab-grown diamond production while enhancing cutting and polishing capabilities.

“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 cutters and polishers in the industry, completes our ability to control our end-to-end production, speed of production and time-to-marketing,” Grdina explained.

The company official added that the transaction is a significant step towards its strategy to strengthen its market positioning. The move has minimal to no shareholder dilution, Grdina added.

Adamas One is an LGD manufacturer that uses chemical vapor deposition to produce high-quality single-crystal LGD for gemstone and industrial applications.