Adamas One Corp. plans to acquire lab-grown diamond manufacturer Flawless Allure Grown Diamonds LLP.

The companies have signed a non-binding letter of intent, according to a press release. Financial terms of the deal were not disclosed.

“This acquisition will solidify our position as a leader in the Lab-Grown diamond industry based on our capabilities to vertically integrate, produce and market Lab-Grown Diamonds,” said Adamas One CEO Jay Grdina. “Our goal has been to complete our ecosystem and become as self-sufficient as possible, and the acquisition of Flawless, one of the top diamond cut and polishers in the industry, completes our ability to control our end-to-end production, speed of production and time-to-marketing. This transaction represents a significant step in the execution of our strategy to ensure that we are well positioned in the market, with minimal to no shareholder dilution.”

The letter of intent “is subject to customary due diligence and confirmations within industry standards and final approval by board of directors of the Company,” according to the release.

Adamas One produces single-crystal diamonds for gemstone and industrial applications in its facilities in Greenville, SC.