International Gemological Institute Limited(IGIL)

NSE: IGILBSE: 544311

₹ 385.25+0.77%refreshed 26 Oct, 03:55 pm ISTMarket cap: ₹ 16,649 crWebsite: www.igi.org/Updated: 27 Oct 2026

About

International Gemological Institute Limited (IGI), established in Antwerp in 1975, is one of the world's largest independent certification and grading bodies for diamonds, coloured gemstones, and jewellery, serving producers, wholesalers, manufacturers, and retailers across more than ten countries. IGI holds a 65% global market share in lab-grown diamond certification and reported consolidated revenue of INR 1,229 crores in CY2025. The company acquired American Gemological Laboratories (AGL) in January 2026, adding coloured stone certification expertise and US market presence.^[1]

Business segments

Certification services (grading and certifying diamonds, coloured stones and jewellery) made up 98.79% of total turnover as of FY25.^[1]
Lab-grown diamond (LGD) loose stone and LGD jewellery certification together made up 58% of consolidated certification revenue in Q1 FY27, flat versus Q1 FY26.^[2]
Consolidated certification revenue in Q1 FY27 was INR 3,598 Mn, up 23% YoY; LGD loose +25%, LGD jewellery +44%, gemstones and other +203% (reflecting AGL consolidation).^[2]
Natural diamond jewellery certification revenue fell 19% YoY in the Jan-Mar 2026 quarter, and its share of quarterly certification revenue fell from 21% to 14%. The company attributed this to steep rises in gold and silver prices.^[3]
By geography, revenue was Rs 779.78 Cr within India and Rs 273.38 Cr outside India in FY24.^[4]

Products and services

IGI launched IGI Origin, an AI-powered diamond origin analyser that tells apart natural diamonds, CVD and HPHT lab-grown diamonds, and simulants. Its first commercial sale, to an independent retailer, was completed in FY25.^[1]
In FY25, IGI introduced a proprietary Light Performance Report that assesses brightness, fire and contrast, going beyond the traditional 4Cs.^[1]
IGI launched IGI Expressions™ and D'Origin as new branded offerings during FY25.^[1]
IGI launched JewelPass, a jewellery appraisal solution, in the US and screened more than 100,000 jewellery pieces for one of the country's largest jewellery retailers.^[1]
The AGL acquisition closed on 30 January 2026 and adds coloured stone certification with a strong US brand. AGL had revenues of USD 4 million in 2024 and was bought for USD 13.2 million.^[1]

Laboratory network and operations

IGI operates 22 laboratories across 16 states in India, plus international labs in the USA (2), Belgium (1), Italy (5), Türkiye (1), Israel (1), Egypt (1), UAE (2), China (5) and Thailand (1).^[1]
An additional laboratory was opened in Dubai during CY2025.^[5]
Global workforce was 1,705 employees as of 31 March 2026, including 606 expert gemologists; permanent payroll employees numbered 1,306.^[1]
Italy operations began through the Belgium subsidiary in Q1 FY27.^[2]

Key operating numbers

Consolidated report volumes were 3.56 Mn in Q1 FY27 (+17% YoY) and 12.81 Mn for CY2025 (+21% YoY vs 10.57 Mn in CY2024).^[2]
Consolidated average realised price per report was INR 1,010 in Q1 FY27 (+5% YoY); India standalone was INR 870 (+1% YoY).^[2]
India standalone report volumes were 3.21 Mn in Q1 FY27 (+21% YoY). India made up about 75% of group revenues as of Q3 CY2025.^[2]
LGD wholesale diamond pricing has been stable since May-June 2024. Certification pricing for each segment has been structurally unchanged since April-May 2024.^[6]
Employee attrition fell from 17% to 15%, and more than 200 employees were onboarded through a Hire-Train-Deploy model during FY25.^[1]

Customers and distribution

IGI serves lab-grown diamond producers, natural diamond and coloured stone wholesalers, and jewellery manufacturers and retailers. Its retail training clients include Bvlgari, Swarovski and Malabar Gold & Diamonds.^[1]
As of Q4 CY2025, over 1,000 LGD jewellery retail showrooms had opened across India in the previous 12-15 months.^[6]
Export turnover was 3.46% of total turnover in FY25, mainly from stationery, machinery sales and SEEPZ unit transactions.^[1]

Expansion and new initiatives

AGL is being expanded beyond the US. Jaipur is planned as the first collection window and mobile lab for coloured stone certification outside the US.^[2]
AI and ML are being integrated to cut certification turnaround time, with a target of 2-3 days.^[2]
IGI is expanding into Tier 2 and Tier 3 cities in India to reach the large uncertified jewellery market.^[3]

Recent developments

Manu Sharma was appointed Chief Operating Officer in Q1 FY27 and brings over 20 years of retail luxury and brand management experience from Reliance Brands.^[2]
In Q1 FY27, IGI sponsored the Gujarat Titans in the IPL, its first major consumer-facing sponsorship, spending about INR 5 crores.^[2]
IGI sponsored the Women's World Cup Cricket in Q3-Q4 CY2025 as its first global tournament sponsorship.^[5]
IGIL changed its financial year from January-December to April-March; the transition period ending 31 March 2026 covers 15 months.^[6]

Market Cap

₹16,649 Cr

High / Low

₹388 / 287

Stock P/E

24.8

Price / Book

9.4

Book Value

₹33

EPS

₹12.3

No. of Shares

43.22 Cr

ROCE

54.2%

ROE

43.0%

OPM

58.0%

Debt / Equity

0.00

Sales

₹1,229 Cr

Net Profit

₹532 Cr

Promoter holding

76.5%

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