WeCare raises $350k for lab-grown diamonds

The WeCare Foundation has announced the successful raise of $350,000 to accelerating innovation in the lab- grown diamond sector.

This funding marks a pivotal moment in sustainability and advancement within the industry, building upon the success of funding models in natural diamonds and coloured gemstones.

This latest initiative by WeCare, led by Saad Kassis Mohamed is aimed at bolstering research and development in lab-grown diamonds, a statement from the organisation made available to Ripples Nigeria stated.

“Through strategic collaborations with esteemed research institutions and industry leaders, this innovative funding model is meticulously tailored to empower emerging researchers, startups, and mid-sized players in the lab-grown diamond arena.

“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.

“WeCare Foundation is steadfast in its commitment to combating child labour within the diamond industry. Recognizing the importance of ethical sourcing and fair labour practices, WeCare is dedicated to ensuring that its initiatives uphold the highest standards of social responsibility. WeCare strives to create a future where every diamond is sourced and produced ethically, free from the taint of child exploitation”, the statement said.

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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.

It was gathered that the funding initiative garnered participation from Red Capital along with individual backers.

Mohamed said through this innovative funding model, WeCare seeks to address the financial challenges faced by participants in the lab-grown diamond industry, facilitating growth, innovation, and sustainability for the benefit of all stakeholders involved.

Lab-grown diamonds are real gemstones made by scientists who recreate the same circumstances used by nature. Unlike nature which takes millions of years, the lab process only takes a few months.

The search for diamonds by prospectors has been tagged as being responsible for armed conflicts in many parts of the world, especially the African continent. Thousands have been killed and millions displaced, the search for diamonds.

Children have also been forced into the conflict, with rebels and militants drafting them as child soldiers in the battles to take control of territories known to have deposits of such diamonds and other gemstones.

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