Adamas One Corp. Provides Shareholder Update

SCOTTSDALE, Ariz., Feb. 24, 2024 (GLOBE NEWSWIRE) -- Adamas One Corp. (Nasdaq: JEWL) (“Adamas One,” “Adamas” or the “Company”), The Original Lab-Grown Diamond Company, a high-tech company that leverages proprietary technology to produce high-quality, single-crystal, Lab-Grown Diamonds for jewelry and diamond materials for technology and other industrial uses, provides a shareholder update from our CEO below:

Upon closing out our first year as a publicly traded company, listed on the NASDAQ exchange, we wanted to reach out to you, our shareholders, with an update on our business and to thank you for both your support and patience. Being a young company listed in a difficult market has been challenging, but we learned, adjusted and now we are looking forward to a good year ahead.

At Adamas One Corp, our strategy to build a successful and profitable company is based on three key initiatives: First, deliver the highest quality lab-grown diamond materials for the markets we serve. Second, become a highly integrated and branded supplier of lab-grown diamond jewelry, in order to facilitate our path to increased revenue and propel us into the fastest growing market segment. Third, leverage the company’s extensive IP and continued R&D efforts to exploit opportunities in new sectors, starting with the technology industry.

Additionally, we used a portion of our proceeds to update our factory with state of the art equipment, including 12 full-capacity reactors, extensive backup systems, testing equipment, lasers for initial rough cutting and various other essential equipment. In addition, we fine-tuned our recipes to increase the color and clarity of our diamonds in preparation for expanded distribution. We have also increased our staff to meet our production and sales & marketing needs.

In the spring we completed the designs for nearly 200 different pieces of jewelry for our Elle Jolie luxury jewelry line, which we anticipate officially launching in Q2 of 2024. Following the completion of the design process we began manufacturing utilizing our proprietary scalable process. We also entered into an agreement with a renowned high-end digital agency to partner with us on the branding, marketing, e-commerce, and fulfillment of the Elle Jolie jewelry line. Our goal is to compete with high-end retailers by bringing sustainable luxury to the lab grown diamond sector in a way that delivers increased revenue and high gross margin. We have already delivered the first Elle Jolie pieces to lead customers and plan to initially market the line Direct to Consumer (DTC) through our ElleJolie.com eCommerce website.