Fenix Diamonds and Dholakia Lab-Grown Diamond have jointly acquired Israel-based synthetics producer Lusix for $4 million.
The companies offered similar terms while bidding on Lusix, which filed for insolvency in August. They eventually opted to split Lusix’s production under confidential terms, Dholakia said Saturday. Judge Irit Weinberg Nutovitz ruled in favor of the dual bid at the Central District Court in Lod, Israel, due to the companies’ commitment to retaining Lusix’s workforce while supporting its original growth objectives.
Fenix and Dholakia have agreed to maintain Lusix’s research labs and teams in Israel, they explained. They will keep 13 employees for at least a year and a further 10 for a minimum of six months.
Both companies intend to scale up production and increase research and development (R&D), while positioning themselves as sustainability leaders in the industry.
“The technological advancements that the Lusix acquisition brings aligns with our vision of remaining at the forefront of innovation,” said Fenix managing director Naman Parikh. “We want to offer our customers greater value through larger diamonds in a cost-effective manner.”
Hasu Dholakia, founder of Dholakia Lab-Grown Diamond, whose family is known for its association to Indian diamond manufacturer Hari Krishna, also emphasized the acquisition’s goal is sustained growth. “Adding Lusix to our portfolio will help us expand production capacity and push the boundaries of innovation within our field,” he commented.
As global demand for synthetic diamonds increases, Fenix and Dholakia intend to leverage Lusix’s capabilities to expand the use of renewable energy resources and develop groundbreaking production and manufacturing technology, the companies said. They also hope to lead advancements that will shape the future of a sustainable and energy efficient lab-grown diamond industry over the next decade.
Image: A Lusix rough lab-grown diamond. (Lusix)
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