Two Thirds of IGI Revenue Now from Lab Growns

(IDEX Online) - IGI reported significant increases in revenue and profit, with lab growns now accounting for two thirds of all its certification earnings.

Revenue was up 23% for the three months to the end of June (Q1 FY27) to RUP 3.7 billion (USD 36 million) and EBITDA increased 29% to RUP 2.2 billion (USD 21 million), the company said in a update published on 23 July.

The Antwerp-based International Gemological Institute (IGI) now derives 58.2% of its revenue from loose lab growns and 7.8% from lab grown stones in jewelry, a total of 66%.

Tehmasp Printer, Managing Director and CEO at IGI, reported "broad-based momentum across Lab Grown Diamond (LGD) loose stones, LGD jewelry and coloured gemstones".

He also noted that the natural diamond segment remained "a key strategic pillar," and that the company was still pursuing market share through new and existing customers.

IGI's group CFO Eashwar Iyer told CNBC, the US-based business news channel: "There is inherent demand in the (lab grown) segment, which is also leading to significant capacity additions by growers.

"The volume growth over the last six to seven quarters has largely been driven by lab-grown diamonds, and revenue from that segment has also been growing faster than natural diamonds."

IGI was founded in Antwerp but today it is effectively India-based, with 80% of its revenues from labs in Surat and Mumbai and elsewhere in the country.

Last July it said it no plans to stop grading lab growns for color and clarity, in response to GIA's announcement that it would simply distinguish between" standard" and "premium".

Pic courtesy IGI.