IGI of India leans on LGD Certification for further growth

The International Gemological Institute of India Ltd. pins hope on the lab-grown diamond certification segment for growth in the coming quarters. The affordability and disruptive nature of lab-grown diamonds make it an excellent alternative for all those who want a diamond, Tehmasp Printer, chief executive officer and managing director of IGI said, “What lab-grown is doing right now is increasing the consumer base; the millennials and Gen-Z aspire to have a diamond, and today they have an affordable alternative.” He said that in Q3 lab-grown diamond prices were under pressure, and last year the company was holding on to its certification costs for at least six-seven months. “Because of the affordability of lab-grown diamonds, we are now averaging 1.5 to 2 carats plus, so the bulk of the certification is now coming through the higher rate of the lab-grown diamonds,” he said.

Emphasising that both natural and lab-grown diamonds are essentially the same in terms of their composition, Printer said the price difference between them is decided by their origin. Emphasising that both natural and lab-grown diamonds are essentially the same in terms of their composition, Printer said the price difference between them is decided by their origin. While natural diamonds are mined from the earth, the other one is man-made.