Scio Diamond Technology Corporation and Renaissance Diamonds Inc. have signed a memo of understanding, to create a joint venture initiative, which will develop and supply the highest-quality, certified, fancy-colored, lab-grown diamonds. The diamonds would serve the gemstone and jewelry market.

The joint venture would entail that both companies share their expertise.

“Renaissance Diamonds has been a groundbreaker in the created jewel and diamond market for more than 20 years and is the ideal partner for Scio Diamond,” says Gerald McGuire, President and CEO of Scio Diamond Technology Corporation. “Scio Diamond has pioneered the market with their proprietary chemical vapor deposition (CVD) technology and has demonstrated the capability to grow extraordinary gems. Together, this gives us the opportunity to create a new, profitable segment for the retail jewelry market,” said Neil Koppel, President and CEO of Renaissance Diamonds Corporation.

Also, Renaissance has developed an in-store distribution program that will launch in Q1 of 2015 at one of the country’s most prominent retailers. Additionally, Renaissance has sent initial shipments of their fancy-colored diamonds to independent retailers, who have reported robust sales.