Due to increasing demand for certification of lab-grown and natural diamond jewelry, the International Gemological Institute (IGI) saw a rise in quarterly revenue.

IGI said on Monday that for the three months ended March 31, revenue rose 10% year-on-year to INR 3 billion (US$35.8 million). This figure also represented a 15% increase from the previous quarter. Certification of loose natural diamonds grew 1% year-on-year; this segment accounted for 16% of IGI’s business. Meanwhile, certification of lab-grown diamonds surged by 9%, making up 54% of lab operations. At the same time, grading of natural diamond jewelry increased by 21%, and lab-grown diamonds saw an 87% rise, accounting for 21% and 7% of business, respectively. Profit for the period rose 12% year-on-year to INR 1.41 billion (US$16.5 million), representing a 24% increase from the previous quarter.

“All of the company’s divisions have seen strong growth momentum compared to the previous quarter and the corresponding quarter of the prior fiscal year,” said Tehmasp Printer, CEO of IGI. “In addition to our core segments—such as natural diamond certification and lab-grown diamond certification—we’ve also observed robust demand for jewelry certifications involving both natural diamonds and lab-grown diamonds, which will further accelerate our business growth.” IGI noted that the company is expanding its laboratory capacity to support the growth it’s witnessing. It will also be investing in technology to enhance efficiency and productivity and reduce turnaround times for its services.