Founded in 2016 by Benny Landa, Lusix has been a trailblazer in the sector, with over $152 million invested in pioneering technologies to date.
The acquisition, approved by Judge Irit Weinberg Nusowitz of the Central District Court in Lod, followed a competitive bidding process. The court favoured the joint bid for its commitment to preserving Lusix’s workforce and aligning with the company’s long-term growth objectives. Fenix and Dholakia will split Lusix’s production, ensuring continuity in operations under confidential terms.
Both companies have pledged to maintain Lusix’s research labs and teams in Israel, retaining 13 employees for at least a year and 10 for a minimum of six months. This ensures that Lusix’s innovative work continues uninterrupted while honouring existing employment conditions.
“Fenix Diamonds is dedicated to offering affordable, ethical, and sustainable lab-grown diamonds to a global clientele,” said Naman Parikh, Managing Director of Fenix. “The technological advancements Lusix brings align with our vision of delivering greater value through larger, cost-effective diamonds while remaining at the forefront of innovation.”
Hasu Dholakia of Dholakia Lab-Grown Diamond echoed this sentiment, emphasizing the acquisition’s role in driving long-term growth. “The lab-grown diamond market is projected to reach $29 billion by 2028, according to Bain & Co. Adding Lusix to our portfolio will expand our production capacity and push the boundaries of innovation, laying the groundwork for new products and technologies.”
The acquisition reflects a strategic commitment by both companies to strengthen their positions as environmentally conscious leaders in the fast-evolving lab-grown diamond industry. Lusix’s capabilities, coupled with the shared vision of Fenix and Dholakia, aim to advance sustainable practices, including the increased use of renewable energy in production.
As the demand for lab-grown diamonds continues to rise globally, this collaboration positions Fenix and Dholakia to deliver cutting-edge solutions while contributing to a more energy-efficient and sustainable industry. Over the next decade, the companies plan to spearhead innovations in production technology and expand their offerings to meet the needs of discerning customers worldwide.
This partnership underscores the growing momentum in the lab-grown diamond market, setting a new benchmark for innovation and sustainability in the jewellery sector.
