1. Overview
- Company Name: International Gemmological Institute (India) Limited
- Industry: Gem certification and jewelry grading.
- Incorporation Date: February 23, 1999 (as a private company); converted to a public limited company on July 10, 2024.
- Registered Office: 702, 7th Floor, The Capital, Bandra Kurla Complex, Bandra (E), Mumbai 400051, Maharashtra, India.
- Promoter: BCP Asia II TopCo Pte. Ltd.
2. IPO Details
- IPO Size:
- Fresh Issue: ₹12,500 million.
- Offer for Sale: ₹27,500 million.
- Total IPO Size: ₹40,000 million.
- Face Value: ₹2 per equity share.
- Price Band: 397- 417
- Minimum Bid Lot: 35 Per lot
3. Objectives of the IPO
- Raise Funds for:
- Funding the proposed acquisitions of IGI Belgium and IGI Netherlands Groups.
- General corporate purposes.
- Strategic Intent: Expand global presence and strengthen the company’s market position in gem certification.
4. Promoter Details
- Promoter: BCP Asia II TopCo Pte. Ltd.
- Promoter's Offer for Sale: Up to ₹27,500 million.
- Managing Director & CEO: Tehmasp Nariman Printer.
- Chief Financial Officer (CFO): Easwar Subramanian Iyer.
- Company Secretary: Hardik Desai.
5. Business Highlights
- Core Operations: Certification of diamonds, gemstones, and jewelry.
- Competitive Advantages:
- Global brand recognition.
- Strong expertise in gemological testing.
- Advanced technology for certification processes.
1. Top Risk Factors
- Key Risks and Data Overview
| Revenue from Top Customers |
March 31, 2024 |
FY 2023 |
FY 2022 |
FY 2021 |
| Top 10 |
₹1,023.66 (48.95%) |
₹2,597.92 (40.69%) |
₹1,666.23 (33.94%) |
₹861.88 (23.63%) |
| Top 15 |
₹1,155.27 (55.25%) |
₹2,966.52 (46.46%) |
₹1,914.06 (38.98%) |
₹1,058.01 (29.01%) |
Revenue of Certification Business (in millions ₹)
| Region |
Q1 2024 |
2023 |
2022 |
2021 |
| Gujarat |
1,099.62 (53.09%) |
2,849.51 (45.91%) |
1,942.76 (40.67%) |
1,145.43 (32.05%) |
| Maharashtra |
807.04 (38.96%) |
2,688.99 (43.32%) |
2,227.82 (46.63%) |
1,959.38 (54.82%) |
| Rest of India |
160.98 (7.77%) |
645.05 (10.39%) |
605.62 (12.68%) |
469.49 (13.14%) |
| Total |
2,071.26 |
6,206.82 |
4,777.44 |
3,574.30 |
Key observations from the data
- Gujarat and Maharashtra consistently account for over 90% of the total revenue
- Total revenue has shown growth year over year
2. Industry Overview
- Sector: Gemmology and Certification Services
Global Jewellery Market
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The total size of the global jewelry market as of 2024, INR 26,600 billion equivalent to approximately USD 320 billion. China, India, and USA Is leading consumer market
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Men's Jewelry Market: Men's jewelry made up 10% of the global jewelry market in 2023, worth about INR 2,900 billion (USD 35 billion). Common items include cufflinks, gold chains, necklaces, and rings. This market is expected to grow by 8% each year, reaching INR 4,100 billion (USD 50 billion) by 2028.
• New Technology in Jewelry: The jewelry industry is using modern technology to improve how jewelry is made and sold:
- Computer design tools help create detailed jewelry designs
- Laser machines make precise engravings
- 3D printers can make complex jewelry pieces
- Virtual try-on features let shoppers see how jewelry looks on them when shopping online
Consumption of Jewellery by Top Countries
Indian Jewellery Market Size
