Canadian Cutter Links Up with Lab-Grown Maker

RAPAPORT... Canadian diamond manufacturer HRA Group has made its first splash in the lab-grown market, securing an exclusive partnership with Texas-based producer Plasmability.HRA, a former De Beers sightholder, will cut and polish Plasmability's rough and distribute the finished stones to the market, the companies said in a statement Wednesday.Plasmability uses the chemical vapor deposition (CVD) method to create diamonds of D to F color and VVS clarity at its factory in Austin. The stones yield polished of 2 to 5 carats, and there are plans to increase the size in the near future, the statement added. Plasmability uses the term "as grown" to describe the goods, meaning they do not require High Pressure-High Temperature (HPHT) treatment to improve the color."After years of watching the lab-grown diamond industry emerge, we have been very careful and thoughtful [about] how and if we will enter this market," said Itay Ariel, executive director of HRA. "When we met Plasmability's incredible team and learned about their technology and vision, we knew we [had] found the right partners. The response we received from industry veterans on the product has been exceptional."Headquartered in Vancouver, HRA is the founder of the Clara platform, which connects rough buyers with relevant sellers and which Lucara Diamond Corp. bought in 2018 for CAD 29 million (around $23 million at the time). In 2020, HRA launched Dialog, an inventory-ordering service for retailers; Ariel has described it as "the Netflix of the diamond industry.""We are thrilled to have partnered with HRA to manufacture and distribute our diamonds," said Plasmability CEO and cofounder Bob Basnett. "Their manufacturing and market expertise adds a tremendous amount of value to our business."Image: Operations at the Plasmability factory. (Plasmability)