Lab-grown diamond specialist Scio Diamond Technology Corporation is stepping up its strategy in entering the emerging markets of China and India by developing high value-added applications and expanding its production plant, according to a company press release.

Seeing the growth in emerging economies, Scio Diamond is negotiating with potential customers, including leading distributors in China and India, to tap into these markets.

Industrial partners are also testing the lab-grown diamonds for high value-added applications such as laser scalpels and semiconductor substrates.

On the product side, Scio Diamond expects to complete the installation of its existing three-inch reactors at its new plant in Greenville within the next few months. The facility can produce more than 850 carats of rough annually, which would yield more than 250 polished carats at the current 30 percent yield experience.

The company is seeking findings from investors to put forth the second phase of the production plan, which aims to install up to 10 six-inch reactors at the Greenville plant. The project would require $10 million of capital.