Gemological Institute to launch third mobile lab

The International Gemological Institute (IGI), a diamond, gemstone and fine jewellery certification institute, is widening its operational base in India by introducing a third mobile laboratory by the end of 2007.

"A jeweller may not be able to send his entire range of loose stones and jewels to our laboratories in Mumbai. The mobile service would provide the jewellery manufacturers and showrooms with a facility for grading the stones onsite," said Tehmasp Printer, managing director, IGI-India.

IGI, which currently is servicing 25 jewellers in India, has a 95 per cent market share of the jewellery and diamond certification market in India.

"We have been growing at a rate of 30 per cent in India and 15 per cent worldwide. Our target is to double our certification market in India in the next five years. We also plan to add 40 more people to our team of 145 gemologists in a period of one year," Printer added.

"India is one of the emerging markets for diamond and jewellery certification, followed by China and the Middle East countries. Around 800 certifications are done per day in India, whereas in China the number is 600-700 a day," said Roland Lorie, CEO, IGI-Worldwide.

"India's $1.5 billion diamond consumption market is growing at a CAGR (compounded annual growth rate) of 43.5 per cent. The Indian jewellery consumption market stood at $12 billion in 2005 and is expected to become a $28 billion-market by 2015, at a annual growth rate of 10 per cent, according to KPMG International, a major international accounting and consulting firm," Lorie noted.