IGI's lab-grown jewelry segment grows 47%, natural jewelry 3%
Revenue at the Mumbai-listed grader rose 31% to INR 3,980 million in the July to September quarter. Profit after tax rose 43% to INR 1,858 million on 4.35 million reports.
By Carat Capital
What changed
Lab-grown jewelry led. IGI says its lab-grown jewelry segment grew 47% on a year in the quarter to 30 September. Natural diamond jewelry grew 3%.
What it means
- If you sell lab-grown jewelry: Certified lab-grown pieces are IGI's fastest-growing diamond segment, ahead of loose lab-grown stones at 37%.
- If you trade natural goods: Natural loose stones grew 8% at the same lab, faster than natural jewelry.
- What this is not: A price signal. IGI does not say whether its segment growth counts fees or reports.
Key figures
| Quarter revenue+31% on a year | INR 3,980m |
|---|---|
| Profit after tax+43% on a year | INR 1,858m |
| EBITDA margin58.0% a year earlier | 61.4% |
| Reports issued+26% on a year | 4.35m |
Source: IGI press release filed with NSE and BSE, 21 October 2026. Quarter to 30 September 2026 (Q2 FY27), consolidated, against Q2 FY26.
Profit outran revenue.
Revenue rose 31%. Quarter revenue rose 31% to INR 3,980 million, from INR 3,037 million a year earlier.
Profit rose 43%. Profit after tax rose 43% to INR 1,858 million.
Margins widened. EBITDA rose 39% to INR 2,445 million, a margin of 61.4%.
| Segment | Growth on a year |
|---|---|
| Lab-grown, loose stones | +37% |
| Lab-grown, jewelry | +47% |
| Natural, loose stones | +8% |
| Natural, jewelry | +3% |
| Coloured gemstones, including AGL | 7x |
Growth rates as IGI states them. The release does not say whether they measure revenue or report volume, and gives no rupee figure by segment.
The half and the quarter.
The half held. For April to September, revenue rose 27% to INR 7,688 million.
Quarter on quarter. Subtracting the second quarter from the half leaves INR 3,708 million for April to June. The July quarter was 7.3% higher.
Reports rose 26%. IGI issued 4.35 million grading reports in the quarter.
Gemstones multiplied, with AGL.
Seven times. IGI says coloured gemstones grew sevenfold on a year, a figure that includes AGL. It gives no rupee amount for the line.
The chief's read. Managing director Tehmasp Printer says lab-grown diamonds have started to see higher adoption. He calls natural diamonds and gemstones a key growth lever.
What to watch
- November to December 2026India's festive season and the US holiday ordering cycle, which IGI's chief says are ramping up.
- Quarter to 31 December 2026IGI's next results. The test is whether lab-grown jewelry keeps outgrowing natural jewelry.
The story so far
Go deeper
Corrections
Corrected, 27 October 2026: the headline called IGI's lab-grown jewelry figure a 'line', which can read as a product IGI sells; IGI certifies jewelry and the release calls it a segment, so the headline now says segment. 'What it means' called certified lab-grown jewelry IGI's fastest-growing segment; the page's own table shows coloured gemstones up sevenfold, so it now says fastest-growing diamond segment (47% leads 37%, 8% and 3%). A depth line said IGI's revenue 'is fees, not sales of goods'; the release does not use the word fee, and the line now uses the release's own description. What was right as published: every figure. Found by Carat Capital's Standards desk and Managing Editor on 26 October 2026.
What would change this call
A quarter in which IGI's natural jewelry segment outgrows its lab-grown jewelry segment would undo the split this quarter shows.
What IGI's figures count
IGI describes itself as a grading and accreditation services provider and reports revenue from operations. It calls itself India's largest independent certifier, with a 50% market share, and runs 37 laboratories in 10 countries.
Method
IGI press release to NSE and BSE, 'PRESS RELEASE: Mumbai, October 21, 2026', cover letter digitally signed 2026.10.21 16:29:44 +05'30'. Fetched by the Editor at 06:0x EDT on 26 October 2026 from nsearchives.nseindia.com, 200, 1,070,816 bytes, byte-identical to an earlier capture at 03:05 EDT. Text extracted with PyMuPDF, 6,879 characters, and searched: 'grew 31% YoY to INR 3,980 Mn' (1 hit); '3,037' (1); 'EBITDA grew 39% to INR 2,445 Mn' (1); '61.4%' (1); '58.0%' (1); '43% to INR 1,858 Mn' (1); '1,298' (1); 'LGD loose stones up 37%' (1); 'LGD jewelry up 47%' (1); 'natural diamond loose stones up 8%' (1); 'natural diamond jewelry up 3%' (1); 'colored gemstones up 7x' (1); '4.35 Mn reports' (1); '27% to INR 7,688 Mn' (1); '50% market share' (1); 'With 37' then 'laboratories' across a line break (1). Carat Capital's arithmetic: 3,980 / 3,037 = 1.3105, +31.0%; 1,858 / 1,298 = 1.4314, +43.1%; 2,445 / 1,763 = 1.3869, +38.7%; 7,688 - 3,980 = 3,708; 3,980 / 3,708 = 1.0734, +7.3%. IGI's fiscal year runs April to March, so Q2 FY27 is July to September 2026. Dollar conversions published elsewhere are not used: the release gives rupees only and no exchange rate. ARCHIVE, by entity: Carat Capital's archive, 'IGI' as a whole word 0 rows; 'International Gemological' 0 rows. NEW: no earlier IGI item, any period.