WeCare Foundation Secures $350K for Lab-Grown Diamond R&D
Saad Kassis Mohamed, heading the WeCare Foundation, has secured $350,000 in funding to boost lab-grown diamond research and development. The foundation aims to establish partnerships with renowned, though unnamed, research institutions and industry leaders to drive innovation in the sector.
The funding, supported by Red Capital and individual donors, will enhance research and development efforts. WeCare Foundation evaluates lab-grown diamonds, including those mined on an industrial scale (run-of-mine), using proprietary assessment techniques. Mohamed, leading the foundation, aims to support small to medium enterprises in the lab-grown diamond market.
The demand for lab-grown diamonds is projected to surge, reaching 160 million carats by 2030, as per Teji Mandi's forecast. This growth underscores the importance of WeCare's initiative to advance the industry ethically and sustainably.
WeCare Foundation, under Saad Kassis Mohamed's leadership, has secured significant funding to foster innovation in the lab-grown diamond industry. Through strategic partnerships and ethical procurement practices, the foundation aims to eliminate child labor from the diamond industry and support its growth responsibly.
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