Metech International Limited announce that its joint venture company, Asian Eco Technology Pte. Ltd. has entered into a Memorandum of Understanding ("MOU") to supply India-based Maitri Diamond with its lab-grown diamonds. With more than 10 years of track record in the precious gemstones industry, Maitri Diamond specialisesin the cutting and polishing of diamonds as well as the distribution of polished diamonds. Maitri Diamond has the capability to process 40,000 to 50,000 carats of precious gemstones annually. Maitri Diamond has established offices in Surat, Mumbai and Hong Kong. Maitri Diamond is also a RapNet member (ID 108616) selling certified diamonds. RapNet is the industry's largest and most trusted online marketplace for sourcing & selling diamonds & jewellery. In September 2021, the Group's wholly-owned subsidiary, Asian Green Tech Pte. Ltd. ("AGT"), enteredinto a joint venture agreement ("JVA") with X Diamond Capital Pte. Ltd. ("XDC") to establish a joint venture and AET was incorporated in Singapore to carry out the business of manufacturing and distribution of lab-grown diamonds. Under the JVA, AGT shall operate and manage AET while XDC shall provide technical support to AET. Diamonds are more widely known to be used in jewellery but diamonds are also commonly used for industrial applications in medical equipment, aerospace, semiconductors, among others.