Revenue rose at the International Gemological Institute (IGI) during the first quarter amid an increase in demand for certification of both lab-grown and natural-diamond jewelry.
Revenue increased 10% year on year to INR 3 billion ($35.8 million) for the three months ending March 31, the IGI said Monday. The figure was also up 15% from the previous quarter.
Certification of loose natural diamonds grew 1% year on year, with the division comprising 16% of IGI’s business, while that of loose lab-grown gained 9%, making up 54% of the lab’s operations. Meanwhile, natural-diamond jewelry grading advanced 21% and lab-grown jumped 87%, constituting 21% and 7% of the business, respectively.
Profit for the period increased 12% year on year to INR 1.41 billion ($16.5 million), and 24% from the previous quarter.
“The company has seen strong growth momentum across all its segments compared to the previous quarter as well as the first quarter of the last financial year,” said IGI CEO Tehmasp Printer. “Along with our core segments of natural-diamond certification and lab-grown diamond certification, we are also seeing strong demand for certification of natural diamond and lab-grown diamond jewelry, which will further accelerate the growth of our business.”
The company is enhancing its laboratory capacity to support the growth it has seen, it noted. It will also invest in technology to help increase efficiency and productivity, as well as to reduce turnaround time for services.
Image: A diamond under a microscope. (International Gemological Institute)
