A new company, Scio Diamond Technology, plans to begin manufacturing lab-grown colorless and pink stones next year.

Joseph Lancia, CEO of the Greer, S.C.–based firm, which went public Sept. 23, admits Scio is mostly focused on developing diamonds for industrial purposes, with gems as a sideline. “We will have a small jewelry division,” Lancia tells JCK. “The technology side has a lot more value.”

The company purchased the assets and intellectual property of Boston CVD diamond producer Apollo Diamond for $2 million in August, according to an 8K filed with the SEC.

It plans to begin producing gemstones in summer 2012 at its South Carolina home base. Lancia says Scio has “already been approached by a couple major distributors to take all of our production.”

Stones will be sold “at a discount to mined diamonds, but not a significant one,” says Lancia. He also plans to laser-inscribe the stones. “Whoever our distributor is, we will consult with them, and do what the market feels comfortable doing.”

While Scio’s machines have produced up to 2 ct. stones, Lancia thinks its “sweet spot” will be half-carat to three-quarter–carat stones.