Record IGI Performance as Lab Growns Surge
March 19, 25
(IDEX Online) - IGI, the grading company that dominates the lab grown market, has reported a record performance with a 17 per cent hike in revenue for 2024, together with a 29 per cent growth in profit.
It said its strong financial performance was largely down to its 65 per cent share of the global market for grading lab grown diamonds.
The International Gemological Institute (IGI), based in India, went public las December in an IPO that valued it at $3.5bn, a significant increase from the $570m price tag when Blackstone, the world's largest alternative asset manager, acquired the company in May 2023.
IGI's revenue for 2024 was $120.8m (INR 10.53bn), the company said in its latest financial results. Profit after tax was $49m (INR 4.27bn).
IGI is the second biggest grading lab after GIA, with a 33 per cent market share. It operates a network of 31 labs and 18 gemology schools.
Eashwar Iyer, global CFO at IGI said: "Our record revenue and profit in CY 2024 highlights IGI's operational strength and strategic execution.
"We remain committed to delivering on our strategic drivers. 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 USA, Europe, and China."
Pic courtesy IGI.