The International Gemmological Institute (India) Limited (IGI) is a gemological services company specializing in certification and training for diamonds and gemstones. Incorporated as a private limited company in 1999 in Mumbai, Maharashtra, it transitioned to a public limited entity in 2024. IGI offers expertise in the certification of loose stones and jewelry and is part of a global network that includes subsidiaries in key locations such as Belgium, the Netherlands, the United States, and China. The company is also known for its meticulous attention to gemological precision and has a significant footprint in the jewelry certification market.

For the year/period ended (Rs. in Cr.)

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• A second-largest independent certification provider globally for diamonds and jewelry.
• A provider of certification services for the rapidly growing laboratory-grown diamond industry.
• An extensive range of certification and accreditation services is offered to a diverse group of customers throughout the value chain.
• Highly Experienced Management Team.

• Funding Growth Initiatives
• General Corporate Purposes
• Offer for Sale (OFS)
• Public Market Presence

The company is one of the leading providers of certification for lab-grown diamonds and jewelry across the globe. It operates in an industry with high entry barriers, giving it a near-monopoly status. At the upper price of INR 417, the company is expected to list at premium valuation of a P/E of 55.5 and a P/BV of 32.5. Therefore, we recommend “Subscribe” for a long-term perspective only.