Scio Diamonds sees greater sales, production and losses simultaneously.
Scio Diamond witnesses greater sales, production but losses simultaneously. The company has recently increased the production of pink diamonds and the colorless diamonds. Both the quality and the volume are comparatively very more. The company sees great sales figure but the losses are due to increased operational cost.
Scio Diamonds sees greater production, sales and losses simultaneously. The facts for the fall in the earning remains undisclosed. However, the Scio Diamond has increased its sales and lab-grown diamond production.
The company says its production of the pink diamonds has increased and it is now engaged in manufacturing colorless diamonds both in “greater volume and quality”. The company is also said to receive $1.5 million in equity financing from investors in its home base of Greenville, S.C.
The second quarter saw the sales increase by 127 percent to $236, 292, from $ 103,976 last year. Simultaneously, the operating losses for the second quarter were $801,469, compared to $678,255 last year. Considering its finances, the company previously said it hoped to break even earlier this year.