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IGI Reports Double-Digit Revenue Growth as Demand Surges for Both Lab-Grown and Natural Diamond Certification

Strong performance across all segments boosts Q1 revenue and profit; IGI plans lab expansion and tech upgrades to meet rising demand.

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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.

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Fine Jewelry Reimagined: Jewelex and Ultrahuman Reveal ‘Rare’, the World’s First Luxury Smart Ring

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Jewelex, a revered name in fine diamond jewelry, and Ultrahuman, a pioneer in wearable technology, have come together to combine time-honored craftsmanship legacy with cutting-edge health technology with Ultrahuman Rare, the world’s first luxury smart ring.

At the heart of Rare lies a profound respect for artistry and precision. Jewelex, with a heritage spanning over 59 years, has continually set new benchmarks in diamond and jewelry craftsmanship. Their legacy is defined by innovation, where advanced metalworking techniques enhance traditional artistry, ensuring exceptional detail and consistency in every creation.

Rare embodies the seamless fusion of meticulous craftsmanship and precision engineering. Leveraging cutting-edge CNC machining, the ring’s intricate design is executed with micron-level accuracy. While machines deliver exacting precision, the final touch is entrusted to skilled artisans – who then polish and refine each piece to ensure warmth, character, and the unmistakable essence of true craftsmanship.

Jewelex integrates sustainability into every facet of its Rare’s manufacturing, operating on 100% renewable energy since January 2023. Rainwater harvesting at its corporate headquarters further supports resource conservation. By continuously investing in clean energy and eco-friendly practices, it reaffirms its commitment to a greener future in fine jewelry.

On the other end of this union, Ultrahuman has reimagined wearable technology through its mission of health optimization. From the world’s lightest sleep-tracking wearable, the Ultrahuman Ring AIR, to the advanced Ultrahuman M1 continuous glucose monitoring platform and the revolutionary Ultrahuman Home health monitoring device, the company has been at the forefront of turning health data into actionable intelligence.

Ultrahuman Rare was unveiled at the world’s premier technology event, Consumer Electronics Show (CES) 2025 in Las Vegas, marking a defining moment in the evolution of fine jewelry.

Rare launched with the “Desert Collection”, featuring three distinctive designs: Desert Rose, Dune, and Desert Snow. Inspired by nature’s most captivating landscapes, these pieces reflect the fluid elegance of wind-sculpted dunes, embodying the balance of beauty and resilience found in arid terrains.

  • Dune and Desert Rose rings are meticulously crafted from 18K Gold, sourced exclusively from London Bullion Market Association (LBMA)-approved refineries and hallmarked by the Bureau of Indian Standards (BIS), ensuring the highest standards of authenticity and quality.
  • Desert Snow is engineered from Pt950 platinum, a metal renowned for its rarity and prestige. 

Commenting on the partnership, Bobby Kothari, Jewelry CEO, Jewelex India Pvt Ltd, stated, “The power of collaboration lies in the ability to bring together diverse strengths. This partnership demonstrates that when traditionally separate industries unite, the potential for growth and innovation is limitless. This is a prime example of how cross-industry synergy can redefine consumer experiences.”

Each Rare ring begins its journey in Jewelex’s expert hands before making its way to UltraFactory, Ultrahuman’s advanced manufacturing facilities in Plano, Texas, and Bengaluru, India.

Here, the skilled artisan-crafted fine jewellery is transformed through intricate manufacturing processes into Rare.

Precision-engineered PCBs, 6-axis motion sensors, and medical-grade temperature sensors are meticulously integrated into the ring’s structure. A proprietary resin casting process ensures seamless embedding of technology while maintaining the aesthetic integrity of the jewelry. Each ring, available in sizes 5 to 14, undergoes extensive testing and multiple rounds of quality control, ensuring impeccable performance and craftsmanship.

Finally, Ultrahuman’s custom-programmed firmware is updated on Rare. These firmware updates are designed to be seamless, ensuring that Rare continuously evolves through adaptive software that’s unique.

Mohit Kumar, Founder & CEO, Ultrahuman, added, “Our collaboration with Jewelex brings together two worlds: their legacy of craftsmanship and our expertise in cutting-edge health technology, redefining fine jewelry in the age of wearables.

With Rare, we’re catering to individuals who want their health journey to be as elegant and meaningful as the rest of their lives. The possibilities ahead are limitless.”

Rare made its grand debut in two iconic capitals of luxury: Paris and London.

  • Selfridges London, an emblem of modern luxury, is where heritage and innovation converge to redefine the retail experience.
  • Printemps Paris, with its Belle Époque grandeur, embodies the spirit of Parisian chic through its exquisite curation of global luxury.

Rare’s perfect blend of heritage and future brings the world a statement of sophistication, where old-world artistry meets the future of wearable intelligence, offering an unparalleled experience of beauty, craftsmanship, and technology.

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Malabar Gold & Diamonds Partners with Accenture to Drive AI-Powered Digital Transformation

Jewelry Retailer Embarks on a Cloud-Enabled AI Journey to Enhance Customer Experience & Business Agility

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Malabar Gold & Diamonds, the world’s sixth-largest jewelry retailer with over 380 showrooms across 13 countries, has joined forces with Accenture (NYSE: ACN) to accelerate its digital transformation through an AI-powered, cloud-enabled platform. This strategic initiative aims to enhance customer and employee experiences, improve business agility, and unlock new growth opportunities across its global operations.

Accenture will develop a secure, scalable digital core for Malabar Gold & Diamonds, optimizing key business functions including finance, manufacturing, supply chain management, and retail operations. By leveraging real-time data, the company will be able to forecast demand more accurately, adapt swiftly to market changes, and drive operational excellence.

The AI-driven platform will enhance productivity and customer satisfaction by dynamically optimizing sales, marketing, and fulfillment processes. Real-time insights into the availability and pricing of precious metals and gemstones will ensure a seamless shopping experience—both online and in-store—from browsing to checkout.

Designed with regulatory compliance in mind, the platform will align with trade laws across the 13 markets where Malabar Gold & Diamonds operates. The company plans to scale the platform through employee training and adoption strategies, fostering a data-driven culture across its workforce.

Abdul Salam K.P, Vice Chairman of Malabar Group, emphasized the brand’s commitment to technological advancement: “Malabar Gold & Diamonds has always prioritized innovation to enhance customer experiences. By collaborating with Accenture to build a unified digital platform, we are reinforcing our commitment to becoming a future-ready organization, setting new industry benchmarks and best practices.”

Amneet Singh, Products Lead for Accenture in India, highlighted the impact of digital reinvention:”Our research shows that AI-driven digital investments can boost revenue growth by up to 60% and improve profitability by 40%. By implementing a robust digital core, Malabar Gold & Diamonds will streamline operations, enhance agility, and navigate supply chain complexities with greater responsiveness.”

Through this strategic partnership, Malabar Gold & Diamonds is positioning itself at the forefront of digital transformation in the global jewelry industry.

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JB Insights

Anant Jewels and Technologies

On a mission to educate the market on reliability, efficiency, and cost-effectiveness of locally manufactured jewellery machinery

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Anant Jewels and Technology is on a mission is to educate the market on the reliability, efficiency, and cost-effectiveness of locally manufactured machinery. It actively promotes the ‘Make in India’ initiative by highlighting cost savings, quick availability, superior service, and easy access to spare parts. The focus has always been sustainability, eco-friendly Innovate energy-efficient and environment friendly products.

Anant Jewels and Technology   has a vast portfolio of jewellery manufacturing machinery including: Gold, Silver and  Platinum Automatic and Manual Refining Machines, Acid Hood with Scrubbers, Graining Machines, Induction Melting Furnaces, Dust Burning Furnaces, Effluent Treatment Plants, Z. L. D. Plants, Belt Soldering Furnaces, Control Atmosphere Annealing Furnaces, Copper/ Iron Dissolving Plants for Hollow Chains and jewellery, Casting, Filling, Stone Setting, Polishing Setups, Vacuum and Diaphragm Pumps, All types of Consumables, Chemicals, Spares, Cupels, Gold Reagent.

Anant Jewels and Technology offer various services and consultancy for: End -to- End Refining Solution for Gold, Platinum & Silver, Jewellery Manufacturing Machinery Sourcing, Factory Setups for Dore Bar Refining, Chains, Casting Jewellery & Diamond Studded Gold & Platinum Jewellery, Loss Management Systems for Precious Metals.

Naresh Balani, Founder and MD-Anant Jewels and Technology and Vice Chairman, JMA Forum speaks on the challenges faced by jewellery machinery sector.

Anant Jewels and Technologies as Jewellery machinery manufactures in India is contributing to MAKE IN INDIA. What are the challenges you face?

The Indian jewellery manufacturing sector faces intense competition from foreign brands, as many jewellers still prefer imported machinery due to its perceived higher precision and reliability. A lack of significant R&D investment has slowed the development of next-generation, high-precision machines, and many jewellers remain unaware of the high-quality Indian-made alternatives.

At Anant Jewels and Technologies, our mission is to educate the market on the reliability, efficiency, and cost-effectiveness of locally manufactured machinery. We actively promote the ‘Make in India’ initiative by highlighting cost savings, quick availability, superior service, and easy access to spare parts.

A major challenge in the industry is the lack of skilled technicians and formal training programs for jewellery machine operators, leading to maintenance issues. To address this, we are investing in training programs, live demonstrations, and hands-on workshops to upskill the workforce and help jewellers maximize machine efficiency and longevity.

With the right support from the Indian government and strategic investments, we can accelerate R&D and develop advanced automation solutions to compete with global brands. Through jewellery machinery exhibitions (like JMAIIE), online marketing, and direct engagement with jewellers, we are already making strides in increasing awareness and adoption of Indian-made machinery.

Anant Jewels and Technologies is committed to overcoming competition, service challenges, and positioning India as a global leader in jewellery machinery manufacturing. Our innovation-driven approach is paving the way for a more self-reliant and technologically advanced industry.

Comment on your future plans.

Our focus has always been sustainability, eco-friendly Innovate energy-efficient and environment friendly products. While specific future plans have not been publicly disclosed we at Anant Jewels and Technologies are committed to innovation and growth. Our company aims to enhance its product offerings continually, integrating advanced technologies to meet evolving jewellery industry demands. Our clients are encouraged to stay connected through official communication channels for updates on new products and services.

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