International Gemological Institute (IGI) is aiming to close the year with 15% revenue growth and 20% EBITDA growth, supported by strong performance across its certification businesses. Year-to-date, the company has already achieved around 16% revenue growth and 22% EBITDA growth, according to CFO Eashwar Iyer.

Quarterly Performance
In the third quarter, IGI reported a 26% rise in certification volumes and 20% revenue growth year-on-year, driven by solid contributions from key business segments. The natural diamond certification segment recorded 29% growth, outperforming lab-grown diamonds, while lab-grown diamond and jewellery certification continue to expand steadily.

Pricing and Segment Insights
The average realised price per certification declined to about ₹854, reflecting segment mix rather than pricing pressure. Certification prices are stable, with natural diamonds at $40–$45, lab-grown diamonds at $15, and jewellery certifications at $3–$5.

IGI is increasing focus on lab-grown jewellery certification, a rapidly growing segment at lower price points. “It’s an emerging market, and we aim to participate fully,” said Iyer, projecting strong growth over the next 2–3 years, driven by rising gold and silver prices boosting consumer demand.

Market Position
Growth in the natural diamond business is being driven by market share gains in India, while the company continues to maintain a strong global presence in lab-grown diamond certification.