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IGI reports a 17 % increase in revenue for 2024; 29 % growth in profit

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The International Gemological Institute (IGI), a leading grading company in the lab-grown diamond market, has reported record financial performance for the calendar year (CY) 2024. The company achieved a 17% increase in revenue and a remarkable 29% growth in profit, driven largely by its dominant 65% share of the global lab-grown diamond grading market.

  • Revenue: $120.8 million (INR 10.53 billion), marking a 17% increase compared to the previous year.
  • Profit After Tax: $49 million (INR 4.27 billion), reflecting a substantial 29% year-over-year growth.
  • Market Share: IGI continues to dominate the lab-grown diamond grading market with a 65% global share.

IGI’s strong financial performance has been supported by its market leadership and strategic business decisions. The company went public in December 2023 with an initial public offering (IPO) that valued IGI at $3.5 billion. This marked a significant valuation jump from its $570 million acquisition price when Blackstone, the world’s largest alternative asset manager, took ownership in May 2023.

Eashwar Iyer, IGI’s Global Chief Financial Officer (CFO), emphasized the company’s operational strength and strategic execution, attributing the record revenue and profit growth to IGI’s ability to capitalize on market opportunities and strengthen its competitive position.

IGI’s robust financial performance underscores the expanding demand for lab-grown diamonds and the growing importance of reliable certification in the industry. The company’s continued leadership in this segment reinforces its credibility and positions it for sustained growth in the future.

IGI’s record-breaking financial results in 2024 highlight its dominant market position, successful strategic initiatives, and ability to drive profitability. With a strong financial foundation and continued expansion, IGI remains at the forefront of the lab-grown diamond grading industry, setting benchmarks for excellence and growth.

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DiamondBuzz

De Beers – The New Power Move: Why Natural Diamonds Are The Definitive Daily Essential For The Modern Indian Man

Natural Diamonds Are Emerging As the Ultimate Symbol Of Personal Style, Achievement, and Everyday Luxury For India’s Modern Male Consumer.

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Masculine style in 2026 has a new focal point. The conversation around men’s jewellery has moved away from traditional ceremonial wear toward a more personal, everyday expression of identity. Whether it is a signature chain, a sculptural pendant, or a bold ring, natural diamonds have become the primary medium for this new aesthetic.

The data confirms this shift: recent industry research shows that 52% of acquired diamonds in India are now worn every day.

This cultural transformation is most visible where performance meets high-profile style. Indian cricketers are leading the charge, wearing natural diamonds both on and off the field as a mark of their personal journey and quiet confidence. From training sessions to post-match press conferences, icons like Suryakumar Yadav, Abhishek Sharma, and Hardik Pandya treat their bespoke diamond pieces as an extension of their professional “armour.”

This ease with luxury is mirrored globally; Formula 1 icons like Lewis Hamilton have long made natural diamonds central to their paddock style, while the red carpet has seen a surge in unconventional masculine styling. Recent appearances by Jay-Z, who wore a vintage diamond brooch at the collar, highlight that natural diamonds are a core part of the modern fashion vocabulary.

The primary driver of this shift is the Gen Z and Millennial male. Broadly the 18 to 38 age group, this demographic is urban, digitally fluent, and possesses a strong personal aesthetic. Gen Z alone now generates 51% of the total natural diamond market value in India, a 19% increase since 2022.

Most importantly, self-purchase is replacing gifting as the dominant entry point. Men are now research-driven and decisive, choosing to buy natural diamonds to mark professional achievements or simply to refine their daily personal brand.

While Tier 1 metros remain the primary base, aspiration is expanding rapidly into Tier 2 and Tier 3 cities. As high-income Indian households are forecast to grow by 16% through 2030, the male natural diamond consumer of tomorrow is younger, more stylistically confident, and far more willing to invest in himself.

This demand is also shaping a new design language. The lone solitaire stud is being replaced by architectural silhouettes, layered chains, chunky bracelets, and rings with clean, geometric lines. Princess and baguette cuts are increasingly preferred for their sharp, masculine appeal.

As we look toward the next decade, this momentum is only set to accelerate. What began as a styling choice on the cricket pitch has matured into a cultural standard of authenticity and permanence. For the modern Indian man, a natural diamond is more than a luxury, it is an enduring signature of his unique journey.

In an era of fleeting trends, this shift toward the rare and the timeless signals a future where masculinity is defined by a legacy that stays forever.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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