Revenue rose at the International Gemological Institute (IGI) last year amid increasing demand for synthetic-diamond certification.
The India-based lab saw a 17% jump in 2024’s revenue, which came to INR 10.53 billion ($120.6 million), while profit for the full year grew 29% to INR 4.27 billion ($48.9 million), it reported recently.
Year-on-year figures for the fourth quarter showed a 6% rise in revenue and a 45% increase in profit.
Pointing to rising demand for synthetic diamonds and certified stones, IGI — which offers an array of diamond, gem and jewelry reports — highlighted its leadership in both of those areas.
“With a 33% global market share in diamond certification and 65% in lab-grown diamonds, we continue to expand our presence and enhance our service offerings,” stated IGI managing director and CEO Tehmasp Printer.
The company also finished acquiring the IGI Belgium and IGI Netherlands franchises at the end of last year.
“With the group now consolidated under India, we aim to leverage India’s strengths in manufacturing and polishing alongside IGI’s retail presence in the US, Europe, and China,” said Eashwar Iyer, the company’s global chief financial officer.
Image: Clarity grading at IGI. (IGI)
