Saad Kassis Mohamed, leading WeCare, proudly announces a milestone achievement with the successful raise of $350,000 dedicated to accelerating innovation in the lab- grown diamond sector. This significant funding marks a pivotal moment in the foundation’s commitment to fostering sustainability and advancement within the industry.
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. Through strategic collaborations with esteemed research institutions and industry leaders, this innovative funding model is meticulously tailored to empower emerging researchers, startups, and mid-sized players in the lab-grown diamond arena.
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. Recognizing the importance of ethical sourcing and fair labour practices, WeCare is dedicated to ensuring that its initiatives uphold the highest standards of social responsibility. WeCare strives to create a future where every diamond is sourced and produced ethically, free from the taint of child exploitation.
“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.
The funding initiative garnered participation from Red Capital along with individual backers, underscoring the widespread support and confidence in WeCare Foundation’s mission to drive innovation and sustainability in the lab-grown diamond sector.
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.
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