The International Gemological Institute (IGI) reported robust financial results for the first quarter, driven by increased demand for certification of both lab-grown and natural diamonds. Revenue rose 10% year-on-year to INR 3 billion ($35.8 million) for the three months ending March 31, marking a 15% increase over the previous quarter.

Growth was seen across all certification segments. Loose natural-diamond certification rose 1% year-on-year, accounting for 16% of IGI’s operations. Certification of loose lab-grown diamonds grew 9%, making up the majority of the business at 54%. Grading of natural-diamond jewelry surged 21%, while lab-grown jewelry grading recorded an impressive 87% increase. These segments now represent 21% and 7% of the company’s business, respectively.

Net profit climbed 12% year-on-year to INR 1.41 billion ($16.5 million), and rose 24% compared to 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.”

To support this rising demand, IGI announced plans to expand its laboratory capacity and invest in technology aimed at increasing operational efficiency and reducing turnaround time for services.