Fenix Diamonds and Dholakia Lab-Grown Diamond have jointly acquired Israel-based Lusix, a producer of synthetic diamonds, for $4 million.
The two companies made similar offers when bidding for Lusix, which filed for insolvency in August. Afterward, they decided to split the company’s production under confidential terms. Judge Irit Weinberg Nutovitz of the Central District Court in Lod, Israel, approved the joint bid, recognizing the companies’ commitment to retaining Lusix’s workforce and supporting its growth goals.
As part of the deal, Fenix and Dholakia will maintain Lusix’s research labs and teams in Israel. They plan to keep 13 employees for at least one year and another 10 employees for a minimum of six months. Both companies also aim to scale up production and enhance research and development efforts while positioning themselves as leaders in sustainability within the diamond industry.
Fenix managing director Naman Parikh said the acquisition of Lusix aligns with their strategy of innovation. “The technological advancements that Lusix brings will help us stay at the forefront of the industry, offering our customers larger diamonds in a more cost-effective way.”
Hasu Dholakia, founder of Dholakia Lab-Grown Diamond, emphasized the long-term growth potential. “Integrating Lusix into our operations will increase our production capacity and push the boundaries of innovation,” he stated.
With the growing global demand for synthetic diamonds, Fenix and Dholakia plan to use Lusix’s resources to expand renewable energy use and develop advanced production technologies. The companies are committed to driving the future of a sustainable and energy-efficient lab-grown diamond industry over the next decade.
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