The European Union (EU) has approved an 81 million euro grant ($85 million) to support Diamond Foundry, a leading lab-grown diamond producer, in completing its state-of-the-art factory in Extremadura, Spain. This significant investment underscores the EU’s commitment to fostering innovation and job creation in the region.
A Strategic Investment for Growth and Sustainability
The grant, which does not require repayment, is pivotal to the project. According to the EU’s statement:
- The facility is expected to create 300 jobs in Extremadura.
- Without this funding, the project would not have proceeded.
Martin Roscheisen, CEO of Diamond Foundry, highlighted the importance of the grant:
“This grant has always been instrumental to the project’s success. While not a new statement, it has now completed formal processes.”
Revolutionary Production Goals
The factory, which began construction last year, is set to transform the diamond industry:
- The EU expects annual production of 4–5 million carats.
- However, Diamond Foundry anticipates reaching an unprecedented 20 million carats annually, thanks to advancements in productivity and technology.
Roscheisen explained:
“Our plan is for 20 million carats, even though our EU commitment is fulfilled at 5 million. The rapid pace of technological improvement has exceeded initial expectations.”
Supporting High-Tech and Sustainability
Teresa Ribera, the EU’s Executive Vice President for a Clean, Fair, and Competitive Transition, praised the project:
“This decision enables Spain to support Diamond Foundry Europe in establishing its first European factory, which will produce semiconductor-grade synthetic diamonds.”
This facility represents a major leap forward, aligning with the EU’s goals for sustainable industrial growth while advancing semiconductor innovation.
Record-Setting Funding and Impact
To date, Diamond Foundry has secured $515 million in funding, positioning itself as a leader in the lab-grown diamond industry. The Extremadura factory not only promises to reshape the diamond market but also highlights Europe’s increasing focus on clean technology and economic development.