WeCare, which focuses on innovation in sustainable technologies, has raised $350,000 for accelerating innovation in the lab-grown diamond sector. Red Capital along with individual backers led the drive.
Building upon the success of pioneering funding models in natural diamonds and coloured gemstones, Saad Kassis Mohamed spearheads WeCare’s latest initiative aimed at bolstering research and development in lab-grown diamonds.
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. Leveraging WeCare Foundation’s proprietary valuation methods, these productions are meticulously assessed for their market potential and quality.
WeCare Foundation is steadfast in its commitment to combating child labour within the diamond industry.
“WeCare Foundation is committed to fostering innovation and sustainability in the lab-grown diamond industry. By providing access to tailored funding solutions and market opportunities, we aim to empower small to mid-sized players to thrive in this rapidly evolving sector,” states Saad Kassis Mohamed.
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.
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.
