The International Gemological Institute (IGI) recorded solid growth in the second fiscal quarter as lab-grown stones and jewelry performed well.
Revenue rose 31% year on year to INR 3.98 billion ($41.9 million) during the quarter that ended September 30, the laboratory reported last week. Profit after tax spiked 43% to INR 1.86 billion ($19.6 million).
The organization had gains across its core segments – natural diamonds, lab-grown diamonds, jewelry, and gemstones. Loose synthetic stones soared 37%, while lab-grown jewelry spiked 47%. Meanwhile, loose natural diamonds rose 8%, and jewelry increased 3%.
Though demand for lab-grown diamonds is rising, natural diamonds and gemstones remain important drivers of the company’s growth, the organization explained.
For the first half, revenue climbed 27% to INR 7.69 billion ($81 million), while profit after tax advanced 37% to INR 3.52 billion ($37.1 million).
“As the industry enters its peak festive season in India and the US holiday ordering cycle ramps up, retailers and manufacturers are positioning for higher demand, and we are seeing encouraging trends across all our business segments,” added IGI CEO Tehmasp Printer. “Backed by our global footprint, diversified certification portfolio and continued investments in technology, brand and customer engagement, we remain well-positioned to capitalize on these opportunities and drive sustainable long-term growth.”
Image: A diamond under a microscope. (International Gemological Institute)
