Editor’s Note
IGI India’s strong Q2 performance, marked by a 63% surge in net profit and robust growth in certification volumes, underscores the resilience and expanding demand in both natural and lab-grown diamond markets.
International Gemmological Institute (IGI) India reported robust Q2 results with a 63% year-over-year increase in consolidated net profit to INR 1.27 billion. Revenue from operations grew 16% to INR 3.01 billion, supported by a 21% rise in certification volumes. EBITDA increased by 37% to INR 1.74 billion, with margins expanding to 57.66%. The lab-grown diamond segment saw a 24% revenue increase, while natural diamonds grew by 14%. Total certification volumes reached 3.03 million reports. IGI’s CEO highlighted the company’s introduction of a proprietary ‘Light Performance Analysis’ for diamonds and noted growing demand for certification services in both natural and lab-grown diamond jewelry.
IGI India’s consolidated net profit for Q2 surged by 63% year-over-year, reaching INR 1.27 billion compared to INR 778.00 million in the same period last year. This impressive growth was driven by strong performance across all business segments, including natural diamonds, lab-grown diamonds, jewelry, and gemstones.
The company’s revenue from operations increased by 16% to INR 3.01 billion, up from INR 2.60 billion in the previous year’s Q2. This growth was primarily attributed to a 21% increase in certification volumes, which rose to 3.03 million reports during the quarter.
IGI India’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) showed remarkable growth, increasing by 37% year-over-year to INR 1.74 billion. The EBITDA margin expanded significantly, reaching 57.66% compared to 48.77% in the previous year’s quarter.
The lab-grown diamond (LGD) segment emerged as a key driver of growth, with the LGD loose stone segment reporting a 24% year-over-year increase in revenue. The natural diamond (ND) loose stone segment also performed well, registering a 14% growth compared to the same period last year.
Total certification volumes for Q2 stood at 3.03 million reports, marking a 21% year-over-year growth. Despite the increased volume, the average realized price (ARP) saw a slight decline of 3% to INR 963.00 per report, primarily due to changes in the product mix within segments.
Tehmasp Printer, Managing Director and CEO of IGI, commented on the results.
Mr. Printer also highlighted the growing demand for certification of natural diamond and lab-grown diamond jewelry, which he expects will further accelerate the company’s business growth in the coming quarters.
International Gemmological Institute, backed by Blackstone, is India’s largest independent accreditation and certification services provider with a 50% market share. With 31 laboratories and 18 Schools of Gemology in 10 countries, IGI’s global presence enables it to capitalize on the ongoing transformation in the gemstone and jewelry industry.
IGI’s strong Q2 performance underscores its leading position in the gemstone certification market and its ability to adapt to changing industry dynamics, particularly with the rise of lab-grown diamonds.
