In an ever-evolving landscape characterized by innovation and changing consumer preferences, the gem and jewelry industry stands on the brink of transformation. As diamonds shine brighter in popular culture, the need for trustworthy certification has become paramount. In this exclusive interview, Gurbir Singh Gulati, Editor-in-Chief of IFAB Media, speaks with Tehmasp   Printer, CEO of the International Gemological Institute (IGI). Together, they delve into the significance of independent gemological reports, the evolution of lab-grown diamonds, and the future of the diamond market in India.

The gem and jewelry industry, especially with diamonds, has seen shifts in certification practices over the years. Can you give us a brief overview of IGI's journey and its role in these changes?

In the world of gemology, we have witnessed a remarkable transition. Initially, most certification was primarily centered in the US. However, with the rise of Antwerp as a key trading hub, where high-end diamond polishing was concentrated, here was a need for a European laboratory. This led to the founding of IGI in Antwerp in 1975 by Marcel Lorie and Herman Brauner.

As India developed into a major polishing center over the years, IGI expanded its presence internationally, entering the US market in 1980 and establishing a significant foothold in India by 1999. Since then, we have introduced the vital concept of certification in an industry that was previously unregulated in this regard. Today, we are India’s largest certification company with over 50% market share. Globally, IGI commands over 65% market share in lab grown diamond certification and we are the second largest diamond certification company in the world.

How has IGI maintained credibility and leadership in both natural and lab-grown diamond certification?

The credibility of any certification body stems from its independence and objective analysis. For many years, only IGI had significant trust within the market. We certify both natural and lab-grown diamonds, our advanced capabilities allow us to distinguish between the two, ensuring consumers know exactly what they are purchasing. Lab-grown diamonds are physically, chemically and optically identical to natural diamonds, which can complicate differentiation. Thus, impartial certification is fundamental, especially to protect consumers from inadvertently overpaying. An IGI certificate is the proof to know the origin and to judge whether it is a natural diamond, lab-grown, a crystal or just a piece of glass masquerading as precious stone.

Speaking of consumer trust, can you elaborate on the growing importance of independent gemological reports, particularly in emerging markets like India?

Independent certification is crucial because, in essence, everyone will promote their own products as being the best. Without an unbiased perspective, it is impossible for consumers to make informed decisions. This is especially relevant in emerging markets like India, where the demand for transparency is surging, and consumers seek assurance that they are receiving quality products. With IGI's established reputation, we are seen as a pillar of trust in this evolving landscape. We are here to serve the consumers with knowledge and transparency so they can take the right informed decision.

Can you tell us about the workforce and infrastructure of IGI? What are the current capabilities regarding manpower?

When I joined IGI in 1999, we were just a small operation with three gemologists. Fast forward to 2023, and our turnover stands at an impressive $77 million, with a team of nearly 900 to 1,000 professionals across 20 branches in India alone. Our growth aligns with our global presence, where we operate 31 laboratories in 10 countries, catering to increasing demand. We also have 18 gemological schools across 6 countries, to develop a pool of gemologists and educate the trade in certification practices

With the rise of lab-grown diamonds, how has consumer demand shifted, and what role does IGI play in ensuring transparency?

Both natural and lab-grown diamonds are technically still diamonds, as they share the same chemical structure. However, their perceptions and market dynamics differ significantly. Initially, there was resistance to lab-grown diamonds, but as awareness grew, consumer acceptance started to rise. IGI plays a pivotal role in this space by providing clarity and ensuring the authenticity of both types, allowing consumers to make educated decisions. Certification helps delineate between natural and lab-grown diamonds, ensuring fair pricing and value.

IGI partners with several leading retail brands across India and globally. Could you highlight how these collaborations help maintain quality standards and elevate consumer experiences?

IGI partners with several leading retail brands across India and globally, and these collaborations play a critical role in maintaining quality standards and elevating the overall consumer experience. In India, we certify 9 out of 10 prominent jewellery retail chains.

I recall an insightful conversation with a senior leader from one of the country’s most reputed jewellery houses. During our discussion, I highlighted the need for better education among showroom staff on diamond specifications. At the time, customers would often encounter vague descriptors like "Deluxe" or "Super Deluxe," which left much room for ambiguity.

Today, however, the scenario has evolved significantly. When a consumer walks into a reputed jewellery showroom, they are now provided with precise and transparent information—terms like VVS1 clarity, G color, and detailed insights into the setting material. This shift not only helps customers make informed decisions but also builds trust and long-term loyalty.

While some brands may choose to retain their own certification processes, I’m proud to say that solitaires sold through our retail partners are pre-certified by IGI. This level of collaboration underscores our shared commitment to quality, authenticity, and consumer confidence.

How many retailers are there in your network right now, approximately?

In India, we certify 9 out of 10 prominent jewellery retail chains. Our focus is primarily B2B, most reputed jewelers ensure their jewery is certified by IGI. It's difficult to quantify the exact number of retailers in our network because sourcing occurs from various vendors, and we do not certify directly for the retailers themselves. However, we have a robust coverage across India as well as international retail chains, which engage with us based on their specific requirements.

With the increasing millennial interest in sustainable luxury, how is IGI working to build aspirational credibility in the context of lab-grown diamonds?

Sustainability and adherence to Environmental, Social, and Governance (ESG) criteria are ongoing processes for us. We are compliant with these standards, but it's essential to understand that it is a journey, not an endpoint. The landscape of diamonds includes both natural and lab-grown variants. We believe in providing certification for both, an independent unbiased opinion.

Regarding millennials, the affordability of lab-grown diamonds, we anticipate significant rise in consumers in the coming years. The West has spearheaded consumption of LGD. Millennials and Gen Z consumers are often digital-first, conducting extensive online research. They see both diamond types as identical, which influences their purchasing decisions. Affordability is paramount to them, and as they starting off in life, many choose lab-grown diamonds over naturally mined ones due to price considerations.

Colored stones are increasingly popular in fine jewelry. How critical is it for consumers and retailers to understand grading and origin when it comes to colored stones?

Colored stones fall into three categories: high-end luxury, mid-range, and lower-tier options. They add vibrancy to jewelry, and perceptions are shifting; while some consumers still prefer traditional white diamonds, others appreciate the beauty of color. It's crucial for consumers and retailers alike to understand grading and origin, especially for high-quality colored stones, as this information affects both the valuation and consumer satisfaction.

At IGI, we provide a specialized colored stone certification that analyzes various characteristics, including origin. Our goal is to ensure transparency in this area, allowing consumers to make informed choices regarding their purchases.

Talking about innovations, how has IGI introduced technology in recent years to stay ahead in gemological certification?

We actively harness technology to enhance our analysis capabilities. Our in-house research department, staffed with experts, has developed various methodologies critical for identifying diamonds and coloured gemstones. We employ Raman spectroscopy, FTIR Spectroscopy, photoluminescence and other  sophisticated techniques guarantee accurate determination of both earth-mined and lab-grown diamonds and coloured gemstones.

Tell me about your upcoming edition of D-Show? How is that gaining traction?

The D-Show is another unique concept by IGI, scheduled for April 17th to 18th, 2025, at the Jio Convention Centre in BKC, Mumbai. This is the 21st edition of our event and has been evolving over the past years and has now become a significant platform. We feature the top manufacturers and jewelers, essentially creating a B2B show.

Typically, a jeweler would rely on a purchasing guide to meet with a salesperson from a manufacturer, where much information can get lost in translation. At the D-Show, we focus on bringing owners and manufacturers together for direct interactions. It is about building relationships, not just making one-off sales. During the event, attendees spend quality time together over meals, fostering deeper connections.

The D-Show has been instrumental in supporting networking and education between key stakeholders in the industry. With a collection of  over 100,000 designs on display, it is an invaluable opportunity for participants to explore and make the right choice.

What key trends do you see shaping the future of the diamond industry, particularly in terms of ethical sourcing, traceability, and digital transformation?

Ethical sourcing, traceability, and digital transformation are no longer just buzzwords; they are essential practices that businesses must adopt. As we move forward, embracing technology for greater transparency and ethical sourcing will be paramount to maintain consumer trust and meet the higher standards demanded by today’s market.

What message would you like to share with jewelry consumers about the value of certified diamonds and the IGI promise?

Integrity, accuracy, and consistency are the three pillars that we at IGI hold dearly. These principles are not merely aspirational; they are the foundation of our operational ethos. For consumers seeking jewelry, it is crucial to ensure that it is IGI certified. Our commitment means that when you choose IGI, you choose reliability and trust. Diamonds are forever, and with lab-grown options now available, ‘Diamonds are for everyone’. Remember, trust is more precious than diamonds.

Through this engaging conversation, Tehmasp Printer illuminates IGI’s foundational role in the gemological industry, the significance of education and partnerships, the evolving landscape of consumer preferences, and the commitment to maintaining rigorous standards in certification. It emphasizes IGI's enduring dedication to integrity and transparency, positioning itself as a leader in an ever-changing market.