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Revenue at the International Gemological Institute (IGI) rose 21% year on year to INR 3.2 billion ($34.8 million) for the fourth quarter, the laboratory reported Tuesday.
The organization recorded strong gains across its core segments — natural diamonds, lab-grown diamonds, jewelry, and gemstones. Profit after tax went up 18% to INR 1.35 billion ($14.6 million).
The company cited the “rapid adoption” of synthetic diamonds as a driver of sales growth, adding that lab-grown had received a boost from improved production capacity, stabilizing wholesale prices, and its accessible price point. Increasing demand for diamond and gemstone certification in new markets has intensified the need for transparency, IGI continued.
For the full year, revenue jumped 17% to INR 12.29 billion ($133.7 million), while profit after tax advanced 24% to INR 5.32 billion ($57.8 million).
“The company has delivered strong operating performance [in the fourth quarter and full year] while making steady progress on various strategic imperatives,” commented IGI CEO Tehmasp Printer. “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.”
Image: Jewelry grading at IGI. (International Gemological Institute)
