International Gemmological Institute Ltd: Dominating Global Diamond Certification

Business Overview: International Gemmological Institute Ltd at a Glance

• Core Business:
  • Certification of Natural Diamonds
  • Lab-Grown Diamonds (LGD)
  • Studded Jewellery
  • Coloured Stones
• Educational Services:
  • Gemology
  • Diamond Grading
  • Jewellery Design

Market Position

• 2nd largest independent gem certification company globally
• Global Market Share:
  • LGD Certification: 65%
  • Natural Diamonds (India): 60%
  • Studded Jewellery: 42%

Key Services of IGIL

1. Diamond Grading (Natural & LGD)
2. Coloured Stones Evaluation
3. Jewellery Certification
4. Gemology Education Programs

Global Reach

• 31 Laboratories in 10 countries
• 18 Educational Institutions
• 7,500+ B2B Clients

Ownership

• IGIL India is owned by BCP Asia II TopCo Pte. Ltd (Blackstone Affiliate)
• Acquiring IGIL Belgium and Netherlands to form a consolidated global entity

IPO & Expansion Strategy

• Fresh Issue: INR 1,475 Cr for acquisition
• Total Issue Size: INR 4,225 Cr (INR 2,750 Cr OFS)
• Goal: Integrate international subsidiaries to expand global presence

Financial Highlights (Post Acquisition)

Revenue Composition (9M CY24):

• Certification: 98.2%
  • LGD: 59%
  • Natural: 19.4%
  • Studded & Stones: 20%
• Education: 0.6%
• Other: 1.2%

Margins:

• EBITDA Margin (Post Acquisition): 56%
• Pre-Acquisition Margin (India only): 76%

Financial Strength:

• Debt Free
• INR 500 Cr+ Cash

Valuation Metrics

• PE (CY23): 54.5x
• PE (TTM CY24): 42x
• PE (CY25E): ~32x

Growth Catalysts

• India processes 95% of global diamonds
• LGD demand to grow 40-45% CAGR
• No listed global peer — monopoly position

Leadership & Outlook

• Experienced Management
• Sustainable 30-35% YoY growth target
• Strong EBITDA outlook (55-60%)

Key Strengths

✅ Monopoly-like Global Position ✅ Industry Leader in LGD Certification ✅ Debt-Free, Cash-Rich ✅ Blackstone-Backed Confidence ✅ High Institutional & Retail Demand

Risks to Consider

• Blackstone’s potential future exit
• Heavy reliance on diamond certification revenues
• Global regulatory changes

Final Verdict: Is IGIL a Multibagger in the Making?

Given its:

• Global market dominance
• Clean balance sheet
• Consistent revenue growth
• LGD tailwinds

International Gemmological Institute Ltd appears poised to shine in your long-term portfolio.

Related Posts

• India’s Diamond Sector Overview
• IGI Official Website

Tags: #IGIL #InternationalGemmologicalInstitute #DiamondCertification #LGD #IPO2025 #Multibagger #StockMarketIndia

Tags: #IGIL #InternationalGemmologicalInstitute #DiamondCertification #IPO2025 #MultibaggerStocks #StockMarketIndia #LGD #JewelleryStocks #Blackstone #Gemmology

Disclaimer: The projections of potential returns are based on current market conditions and company performance. Actual results may vary due to various factors, including market dynamics, economic conditions, and changes in the competitive landscape. Investors should conduct their own research and consult with financial advisors before making investment decisions.

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