The global diamond certification agency, International Gemological Institute (IGI) is planning to set up a diamond certifying laboratory in Ahmedabad, which is emerging as one of the key diamond markets in the Western India.
IGI has identified the place for setting up the laboratory in Ahmedabad and will throw it open in next two months, top company officials informed.
The lab will be the ninth facility for the company in India and second in Gujarat after one already established at Surat in April last year. "Over past few years Ahmedabad has emerged as one of the major diamond hubs in the western India. We have about 15 of the total 50 mobile labs operational in Gujarat alone and reaches out to distant areas in the state for diamond certification. We see a good potential in the market here and expect around 25- 30 per cent growth in the business," said Tehmasp Printer, managing director, IGI India.
The company certifies all gem stones besides the diamonds. Currently, IGI has eight labs operational in the country with three located in Mumbai, while one each in Kolkata, Chennai, Delhi, Surat and Trichur. "The awareness for quality and certification is rising among the masses and now the jewellers are also joining with the certifying agencies to get themselves certified for a benchmark diamond quality," said Printer.
The facility at Ahmedabad is expected to attract an estimated investment of around one million dollars. The laser machine that is used by the company for ‘Laserscribe’ on the diamonds costs roughly around $150,000.
According to the industry insiders, the demand for diamond is rising even faster than gold as the gem stones have started luring investors not only for jewellery consumption but also for holding the diamonds in loose form.
The potential of diamond market can be ascertained from the fact that recently, a European diamond certifying agency, EGL had also set up a diamond certifying lab in Ahmedabad.