The International Gemological Institute (IGI) has reported a 21% increase in fourth-quarter revenue year-on-year, reaching INR 3.2 billion ($34.8 million), supported by higher volumes in both natural and lab-grown diamond certification, as well as demand across jewelry and gemstone services.
Performance Across Core Segments
According to IGI’s financial results, the fourth-quarter growth was driven by performance in its four key segments: natural diamonds, lab-grown diamonds, jewelry, and gemstones. Profit after tax for the quarter rose by 18% to INR 1.35 billion ($14.6 million).
The company noted increasing use of synthetic diamonds as a key factor in its revenue growth, citing improved production capacity, more consistent wholesale pricing, and greater affordability. IGI also pointed to rising demand for certification services in new markets, linked to growing expectations around product transparency.
Full-Year Results Reflect Broader Trends
For the financial year ending 2023–24, IGI reported a 17% year-on-year increase in revenue to INR 12.29 billion ($133.7 million). Profit after tax for the year rose by 24% to INR 5.32 billion ($57.8 million).
Commenting on the results, IGI CEO Tehmasp Printer said:
“The company has maintained operating performance [in the fourth quarter and full year] and continued work on key strategic initiatives. We have increased our penetration and market share in the natural-diamond certification business. Our lab-grown diamond certification business is witnessing strong momentum, driven by increasing adoption of [lab-grown diamond] jewelry in India as well as global markets and stability in wholesale prices of lab-grown diamonds over the past four quarters.”
Industry Implications
Increased global interest in lab-grown diamonds, especially in cost-conscious and developing markets, is affecting demand for certification and laboratory operations. The reported stability in wholesale lab-grown diamond prices may also influence purchasing strategies and pricing decisions for jewellers.
The results reflect continued demand for gemological certification services, as lab-grown jewelry becomes more prevalent in both domestic and international retail markets. For jewellers, the data underlines the ongoing relevance of independent grading and verification services in supporting consumer confidence and meeting expectations for transparency.
