Intl Gemmological Institute bets big on diamond certification in 3-5 years
This story was originally published at 17:37 IST on 5 March 2025
Register to read our real-time news.Informist, Wednesday, Mar. 5, 2025
By Sandeep Sinha
MUMBAI – Certification of lab-grown and natural diamonds is likely to see double-digit growth in the next three to five years, according to Easwar Iyer, chief financial officer of International Gemmological Institute (India) Ltd. The volume of lab-grown diamonds is rising at a faster pace and we remain extremely bullish about the growth trend from a three- to five-year perspective, he said.
"The lab-grown diamond business is a volume game, propelled by affordability and accessibility. We are witnessing a surge in new consumers entering this space, and the momentum is only expected to grow," Iyer told Informist. The company commands 50% market share in certification business in India. It is a market leader in lab-grown diamond certification business, with a global market share of 65%.
The lab-grown diamond certification market is projected to touch $200 million to 220 million by 2028, growing at 22% annual growth rate. The natural diamond certification segment is growing at 8% annually, and expected to reach $520 million to 640 million in the same period.
Shares of International Gemmological Institute got listed in December. The company follows calendar year for financial reporting. It has operations in 10 countries and most of them follow January to December cycle. "We used to follow Apr-Mar cycle but then shifted to Jan-Dec reporting cycle and align with the other group companies," Iyer said.
The company's consolidated net profit for the December quarter rose to INR 1.14 billion from INR 784.33 million a year ago. Total income for the quarter rose to INR 2.77 billion from INR 2.59 billion year ago. For the year ended December, the company's consolidated net profit rose to INR 4.27 billion from INR 3.31 billion and total income rose to INR 10.88 billion from INR 9.10 billion year ago.
On Wednesday, shares of the company closed at INR 325.60 on the National Stock Exchange, down 1.8% from the previous close. End
Edited by Ashish Shirke
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