Independent gemological laboratory International Gemological Institute (IGI) has announced it has formally received an operating license from the International Financial Services Centres Authority (IFSCA), permitting it to establish a branch in Gujarat International Finance Tec-City (GIFT City).

This development signifies a major strategic breakthrough for this leading global gem certification body in the South Asian market.

GIFT City is India's first and currently only operational international financial services center, featuring comprehensive cross-border financial infrastructure and a favorable policy environment designed to attract global financial and commercial institutions.

IGI's decision to establish a new base there is driven by the region's significant potential as an engine for India's economic growth and the facilitative platform it offers to international enterprises.

As the world's second-largest independent provider of certification services for diamonds, mounted jewelry, and colored gemstones, IGI holds a global market share of approximately 33%.

It is a global leader particularly in the lab-grown diamond segment, commanding about 65% of the certification market share.

With this entry into GIFT City, IGI plans to introduce its advanced identification technology, stringent quality control processes, and international service standards to India's burgeoning jewelry industry.

IGI has a long history of operations in India, having become the first international gemological laboratory to enter the Indian market as early as 1999.

Currently, IGI operates 20 laboratories and 9 gemology schools in India, holding roughly a 50% share in the country's diamond, mounted jewelry, and colored gemstone certification markets.

The new GIFT City branch is expected to create synergies with IGI's existing laboratories in locations such as Surat and Mumbai, further optimizing its supply chain management and logistics efficiency.

According to its latest financial report, IGI achieved a 21% year-over-year increase in revenue for the first quarter of 2026.

This performance growth was primarily driven by demand for natural diamond, lab-grown diamond, and jewelry certification services, with the colored gemstone business also showing expansion.

IGI stated that the GIFT City branch is expected to commence formal operations later this year, providing more credible and convenient gemological services to regional and international clients.