can you explain this in simple language?
Technically I see a bottom has been made at 287 levels.
Overall sentiment has been improved and now if we can get an clarity on titan outsourcing from IGIL it can add value to the company.
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I feel people are getting a bit confused here. Titan is not a recognised diamond certification laboratory so if they want to sell certified diamonds, they will have to take services from labs such as IGI or GIA (they provide GIA certificates for solitaire natural diamond jewelry). However, based on my recent BeYon store visit, I understood that Titan has adopted a route of selling non-certified LGD diamond jewelry - they give customers a âTata promiseâ certificate which, in all due respect has no value. They have chosen to sell LGDs at significantly cheaper rate as compared to other brands in the market and in order to maintain margins they might have decided to remove the certification cost. They do not even provide exchange / buyback on LGD diamond value bought from BeYon. So, it seems to be a very remote possibility that IGI will get LGD certification business from Titan. Hope this helps
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This move of theirâs perhaps may backfire. By doing such, they might want to show that LGDâs are just a copy (which in reality isnât). Their higher management first speaks inferior of LGDâs and now this.
Apna market badhana ho toh pehle competition ko khatam karo.
Verbal promises are like promises done during elections (no-one cares)
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On recent PNGS Gargi call on Friday 13th Feb , Mr Amit Modak who is not only director of the company but also holds position of CEO of PNG & Sons as well CEO and Whole time director of of Reva Diamonds (IPO on 24th Feb ), mentioned that very shortly Diamonds word would not be allowed to used by Lab grown Diamonds guys in their sales literature. They can use word like LGD or Stone (not even precious stone) . BIS notification is coming very shortly. This can have huge ramifications for LGD players as well as certification guys like IGI.
Misleading. Lab-grown diamonds can use the word âdiamondâ but with the qualifier âlaboratory-grownâ or âlaboratory-createdâ
The Bureau of Indian Standards (BIS) issued IS 19469:2025, which took effect January 1, 2026
The approved terms for LGDs are -
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âlaboratory-grown diamondâ
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âlaboratory-created diamondâ
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âsynthetic diamondâ
The regulation was pushed by the Natural Diamond Council and GJEPC, groups representing natural diamond interests. The standard is currently voluntary but expected to become legally enforceable within 3 years . Itâs not an immediate ban on the word âdiamondâ for lab-grown stones they just canât use it standalone without the qualifier, which is fair marketing.
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blackstone bought IGI (India) for 393 million, and listed at a valuation of 1.9bn, mostly OFS. Fresh capital was also raised to buy IGI (belgium) and IGI (Netherlands) from blackstone themselves, so itâs mostly just an OFS entirely.
Thatâs a 5x in one single year, we really have the short end of the stick as retail players.
Be vary of overpaying for this business. Corporate governance may be sketchy especially when owned by such a big PE firm with so many vested interests.
Source: Rough-Polished
Author ends by saying:
My final observation is simply this; if it looks like a duck, walks like a duck, quacks like a duck, and swims like a duck, its usually a duck. As with any investment; Caveat Emptor.
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Hi everyone,
have been tracking the company since IPO. Though I understand the shift from Diamonds to Lab Grown Diamonds in the market, I fail to understand why stock is not performing despite having near monopoly in the certification, and being asset light business model. Can someone explain please.
@omsingla Check this. Manufacturers have STOPPED waiting for IGI cert. Instead, they sell the entire box together instead. If they certify it, they can only sell it one by one. If they donât, they can sell a bunch of them together. In Lab grown itâll always be profitable to churn your money faster. A pure commodity segment.
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Ohh.. I didnât know this. Do you think this will change in any near future? or IGI can find a way to monetise in any other way?
Whatâs the source of this? Plz share again if I seemed to have missed out.
Contrary to what u r saying - the companyâs growth numbers in LGD loose and LGD jewellery suggest otherwise. LGD jewellery nyways accounts for only 7% of the revenue.
Also, not directly confirmed but mentioned in VGLâs concall - retailers still prefer to buy certified jewellery
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