International Gemmological Institute (India) Limited stands as the world's largest independent certification and accreditation services provider in the fields of diamond, gemstone, and jewellery. The company was incorporated as International Gemmological Institute India Private Limited at Mumbai on February 23, 1999, and subsequently converted to a Public Limited Company. The company's shares are listed on both BSE and NSE, with its IPO priced at ₹417 per share and listing on December 20, 2024.
IGI started its operations in Belgium and currently operates a global network of 31 branches equipped with IGI labs across 10 countries and 18 schools of gemology across 6 countries. The company holds the position of being the second-largest independent certification provider globally for diamonds and jewellery, operating in a high-barrier industry.
The company's comprehensive service portfolio encompasses multiple aspects of the gemological industry. IGII provides certification and accreditation of natural diamonds, laboratory-grown diamonds, studded jewelry, and colored stones. It also offers educational programs through its extensive network of gemological schools.
Diamond grading includes reports on the 4Cs (cut, color, clarity, carat weight) for natural and lab-grown diamonds and details on fluorescence and symmetry. IGI provides independent grading reports that analyze and certify the characteristics of stones using internationally recognized standards. The company has established itself as a trusted authority in the gemological industry, serving jewelers, gem traders, and consumers worldwide.
The market capitalization of International Gemmological Institute (India) Ltd (IGIL) is ₹16,078.50 Crore as of July 4, 2025. The company has demonstrated strong financial performance with notable growth trajectory. For the year ended 2024, International Gemmological Institute (India) Ltd had posted a profit of ₹427.29 Crore on a total income of ₹1,053.16 Crore.
Q1 FY2025 Results:
- Revenue increase of 15% with a 29% rise in EBITDA in Q1 2025.
- Net profit of ₹140.73 Crore on total income of ₹313.22 Crore for the quarter ended March 2025.
- Sales rose 9.62% to ₹304.78 Crore in the quarter ended March 2025, as against ₹278.04 Crore during the previous quarter ended March 2024.
FY2024 Performance:
- Net profit rose 29.15% to ₹427.29 Crore in the year ended December 2024.
- Sales rose 17.28% to ₹1,053.16 Crore in the year ended December 2024.
- Annual revenue growth of 68% with pre-tax margin of 56% and ROE of 40%.
The company commands a 65% market share in India's lab-grown diamond sector, positioning it as the dominant player in this rapidly growing segment. The company serves as a provider of certification services for the rapidly growing laboratory-grown diamond industry.
The company is debt-free and has a strong balance sheet, enabling it to report stable earnings growth across business cycles. This financial strength provides the company with flexibility for future growth initiatives and market expansion.
Management has reaffirmed a 15-20% revenue growth forecast for 2025, reflecting confidence in the company's growth trajectory. The company anticipates a 20% volume growth over the next three to five years and an improvement in profit margins.
IGI is exploring acquisitions in niche segments to enhance global presence, indicating a strategic approach to market expansion. The recruitment of over 130 gemologists underscores the commitment to enhancing service quality and meeting increasing demand.
Despite facing short-term challenges from pricing corrections and market dynamics, particularly in the U.S., the lab-grown jewelry segment is poised for significant growth, supported by rising consumer interest and a proactive expansion of operational capacity.
With a strong focus on international operations, particularly in the Netherlands and Belgium, the company is optimistic about sustaining margins and capitalizing on emerging market opportunities.
Key Financial Ratios (as of June 2025):
- P/E ratio: 37.63
- P/B ratio: 15.13
- Dividend yield: 0.66%
- 52-week high: ₹642.30 and 52-week low: ₹282
Analyst Recommendations:
- 75% of analysts recommend a 'BUY' rating for International Gemmological Institute (India) Ltd with an average target price of ₹480.5.
- Target price represents a 29.15% upside compared to current price levels.
Promoter holding stands at 76.6%, indicating strong promoter confidence in the company's prospects. The company conducted its 27th Annual General Meeting on June 30, 2025, via video conferencing, ensuring shareholder participation through remote e-voting facilities.
The International Gemmological Institute (India) Limited represents a compelling investment opportunity in the specialized certification services sector, with strong market position, robust financial performance, and significant growth potential in the expanding diamond and gemstone industry.
