SINGAPORE: An NRI-owned firm on Tuesday launched a green-house plant, touted to be the world's largest, to produce synthetic diamonds and a research centre for developing innovative techniques for the diamond industry.

The 2,00,000-square-foot facility will use the company's patented diamond-growing process to produce colourless, high quality diamonds.

"The centre will generate new applications for diamonds, either from existing research ideas or something completely out of the box, by working with industry partners and research partners," deputy prime minister Tharman Shanmugaratnam said at Tuesday's launch of IIa Technologies' new facilities.

"This has important spin-offs for other industries as many technology applications experience thermal issues as devices miniaturize," said Tharman, highlighting IIa Technologies' eight years of research and technology development to grow diamonds in Singapore.

"Diamond is, as you know, an excellent heat sink because of its superior thermal conductivity. We look forward to seeing IIa Technologies spinning off new innovative applications and collaborations through its co-creation Centre," said Thrman, who is also Singapore's finance minister.

IIa Technologies was established by the Mehta Family's third generation professionals in the gems and jewellery industry and diamond expert Dr Devi Shanker Misra.

Speaking to PTI at the opening of the SGD110 million plant, IIa Technologies' chief executive officer Vishal Mehta said plans are to increase capacity to grow diamonds to 4,50,000 carats a year from the Singapore plant in two years from the current 3,00,000 carats.

Expansion of the plant, which is currently growing 3,00,000 carats, would be to meet the ever increasing demand, which is estimated 30 per cent on the year.