This acquisition marks an important milestone in the lab-grown diamond industry. and Dholakia Lab-Grown Diamond, both based in New York, have jointly acquired Israeli grower Lusix for $4 million. Founded in 2016 by Benny Landa, Lusix has been at the forefront of innovation in the lab-grown diamond sector, with over $152 million invested since its inception.
Both Fenix and Dholakia offered similar terms during the bidding process and ultimately decided to split the production between themselves, under confidential conditions. The deal, approved by Judge Irit Weinberg Nusowitz of the Central District Court in Lod after a multiple-bidding process, is a significant step forward in both companies’ vision to advance technologies, bolster production, and capitalize on the growing global demand for lab-grown diamonds. The judge ruled in favour of the Groups bid due to the company’s commitment to retaining Lusix’s employees and supporting the company’s original growth objectives.
The acquisition is a culmination of both companies’ strategies to scale up production and advance R&D. Fenix and Dholakia Lab-Grown Diamond have committed to keeping Lasix’s research labs and teams in Israel, ensuring continuity of its pioneering work while employing 13 workers for at least one year and 10 workers for a minimum of six months The decision also secures existing employment conditions, honouring the staff’s contributions to Lusix’s success to date.
“Fenix Diamonds is committed to delivering affordable, ethical, and sustainable lab grown diamonds to a global customer base. The technological advancements that the Lusix acquisition brings aligns with our vision of remaining at the forefront of innovation. We want to offer our customers greater value through larger diamonds in a cost-effective manner, said Managing Director Naman Parikh.
Hasu Dholakia of Dholakia Lab-Grown Diamond highlighted the acquisition’s alignment with their vision for long-term growth. A recent Bain & Co. report states, “The lab-grown diamond market is expected to grow to $29 billion by 2028. Adding Lusix to our portfolio will help us expand production capacity and push the boundaries of innovation within our field, providing the foundation for new products and technologies,” Dholakia remarked.
For Fenix and Dholakia Lab-Grown Diamond, acquiring Lusix signals a strategic move to solidify their positions as environmentally-minded leaders in an industry that is rapidly evolving in order to meet demand from a growing mass of discerning customers worldwide. With Lusix’s unique capabilities under their collective stewardship, both companies look forward to expanding their offering continuing to and expanding use of renewable energy resources, developing ground-breaking production and manufacturing technology, and leading advancements that will shape the future of a sustainable and energy efficient lab-grown diamond industry over the next decade.
