Lab-GrownOct 31, 2024
Q&A: Constance Polamalu on Selling Natural and Lab-Grown DiamondsLab-GrownNov 25, 2024
Lab-Grown Co. Lusix Sold to 2 Companies for $4M
Fenix and Dholakia Lab-Grown Diamonds have jointly acquired the Israel-based company, which grows diamonds using solar power.
Lusix founder Benny Landa, center, in the lab-grown diamond company’s booth at JCK Las Vegas 2022, where it announced it had just completed a $90 million round of funding. Now deep in debt, Lusix filed for temporary protection from creditors in August, and was just sold to two other lab-grown diamond companies.
Lod, Israel—Lusix, an Israel-based company that grew diamonds using solar power but wasn’t able to stay afloat amid falling prices, was just sold to two companies that plan to split up its production.
In a press release issued last week, Fenix and Dholakia Lab-Grown Diamonds announced that they have jointly acquired Lusix for $4 million, a move they said will bolster their respective positions as “environmentally minded” lab-grown diamond companies.
Founded in 2016 by Israeli inventor and entrepreneur Benny Landa, Lusix had a significant presence at the 2022 JCK Las Vegas show, touting the sustainability of its “Sun Grown Diamonds” created using the chemical vapor deposition process in a solar-powered factory outside Tel Aviv, Israel.
During the 2022 Vegas show, the company announced that it had just closed on a $90 million round of funding that included LVMH Luxury Ventures, LVMH’s private equity arm, though it would later come to light that this round of funding was less of a vote of confidence and more of a loan to a company that already was struggling.
According to a report published in September by Israeli tech and startup news website CTech, Lusix began feeling the pinch from more competition and lower lab-grown diamond prices in 2022, with revenue steadily declining and losses growing over the last two years.
Lusix filed for temporary protection from creditors in August, asking the court to freeze its debts to banks, a real estate company, and various suppliers while it figured out a path forward.
In their release issued last week, Fenix and Dholakia Lab-Grown Diamonds announced that they had emerged as the winning bidders for Lusix and would be jointly acquiring the company.
They said after offering “similar terms,” they ultimately decided to split the production between themselves, and Judge Irit Weinberg Nusowitz of the Central District Court in Lod, Israel, approved the deal.
Related stories will be right here …
In a press release issued last week, Fenix and Dholakia Lab-Grown Diamonds announced that they have jointly acquired Lusix for $4 million, a move they said will bolster their respective positions as “environmentally minded” lab-grown diamond companies.
Founded in 2016 by Israeli inventor and entrepreneur Benny Landa, Lusix had a significant presence at the 2022 JCK Las Vegas show, touting the sustainability of its “Sun Grown Diamonds” created using the chemical vapor deposition process in a solar-powered factory outside Tel Aviv, Israel.
During the 2022 Vegas show, the company announced that it had just closed on a $90 million round of funding that included LVMH Luxury Ventures, LVMH’s private equity arm, though it would later come to light that this round of funding was less of a vote of confidence and more of a loan to a company that already was struggling.
According to a report published in September by Israeli tech and startup news website CTech, Lusix began feeling the pinch from more competition and lower lab-grown diamond prices in 2022, with revenue steadily declining and losses growing over the last two years.
Lusix filed for temporary protection from creditors in August, asking the court to freeze its debts to banks, a real estate company, and various suppliers while it figured out a path forward.
In their release issued last week, Fenix and Dholakia Lab-Grown Diamonds announced that they had emerged as the winning bidders for Lusix and would be jointly acquiring the company.
They said after offering “similar terms,” they ultimately decided to split the production between themselves, and Judge Irit Weinberg Nusowitz of the Central District Court in Lod, Israel, approved the deal.
Fenix and Dholakia Lab-Grown Diamonds said they will keep Lusix’s research labs in Israel and continue to grow diamonds there for at least a year.
Of the company’s 23 employees, 10 will stay on for a minimum of six months, while the remaining 13 will be with Lusix for at least one year.
A spokesperson for Fenix said in the meantime, the teams from Fenix and Dholakia Lab-Grown Diamonds will be working on optimizing the new resources and understanding what the new capabilities will mean in the long run.
Fenix is based in New York with offices in Mumbai, Antwerp, and Hong Kong.
It has three diamond-growing factories in Surat, India, all 100 percent powered by renewable energy and SCS certified as being carbon neutral.
In the release announcing the acquisition, Fenix Managing Director Naman Parikh said, “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.”
Dholakia Lab-Grown Diamonds’ flagship lab-grown diamond jewelry brand Craft, which also boasts a solar-powered growing process, is headquartered in New York with a design center and manufacturing facility in Mumbai and Surat, India.
Hasu Dholakia of Dholakia Lab-Grown Diamonds said the addition of Lusix will help the company expand production capacity and push the boundaries of lab-grown diamond innovation.
More on Lab-Grown
The Latest
Events & AwardsApr 21, 2025
An Exhibition Exploring the History of Cartier Is Now on Display“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.
IndependentsApr 21, 2025
New York Jeweler to Close After 111 YearsVan Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.
IndependentsApr 21, 2025
IJO Names New Director of Vendor Relations, Merchandise StrategyIndustry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.
Brought to you by
Protect Your Customers and Your BusinessThe risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.
Events & AwardsApr 21, 2025
Jewelers of Louisiana, Mississippi Jewelers Association to Co-Host ConventionThe two organizations will hold the educational event together this fall in Mississippi.
Weekly QuizApr 18, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ PendantThe Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.
IndependentsApr 18, 2025
Bremer Jewelry to Reveal Renovated StoreThe jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.
MajorsApr 18, 2025
Tiffany & Co. Employees Star in Mother’s Day CampaignThe “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.
CollectionsApr 17, 2025
John Hardy, Athena Calderone Partner on Art Deco Decor-Inspired CollectionInterior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.
FinancialsApr 17, 2025
Movado Group to Increase Prices to Offset Tariffs ImpactDuring a call about its full-year results, CEO Efraim Grinberg discussed how the company is approaching the uncertainty surrounding tariffs.
Policies & IssuesApr 17, 2025
Jewelers of America Requests Tariffs Testimonials from MembersThe feedback will be used to prepare other jewelers for the challenges ahead, the organization said.
TechnologyApr 17, 2025
Technology Therapy Group Expands AI Training for Jewelry RetailersThe online sessions are designed to teach jewelers to use AI tools like ChatGPT and Claude to grow their business.
IndependentsApr 16, 2025
Catbird Expands to ChicagoThe opening marks the jewelry retailer’s first location in the Midwest.
CollectionsApr 16, 2025
Foundrae’s First Commitment Jewelry Collection Unites Through LoveThe “United in Love” collection offers tangible mementos of hearts entwined with traditional and non-traditional commitment heirlooms.
IndependentsApr 16, 2025
Indiana Jeweler to Host Black Jewelry Designer Pop-UpRobert Goodman Jewelers will hold a “Black Jewelry Designers and Makers” event on April 27.
MajorsApr 16, 2025
WJA Announces Board Members, New Chicago Chapter PresidentThe announcements follow a tumultuous start to 2025 for WJA, which saw a wave of resignations following controversial statements about DEI.
EditorsApr 15, 2025
Tariffs: What We Know Right Now Editor-in-Chief Michelle Graff answers questions about how the new taxes levied on countries like India and China will impact the industry.
EditorsApr 15, 2025
Q&A: Bogolo Joy Kenewendo on Making Deals, Marketing DiamondsKenewendo, Botswana’s minster of minerals and energy, discusses closing the deal with De Beers and the work that was missed along the way.
AuctionsApr 15, 2025
23-Carat ‘Golconda Blue’ Heads to AuctionThe historic fancy vivid blue diamond set to headline Christie’s Geneva sale next month could sell for up to $50 million.
FinancialsApr 15, 2025
LVMH’s Q1 Sales Slip 2 PercentLVMH CFO Cécile Cabanis also discussed the effects of tariffs so far.
CrimeApr 15, 2025
Jon Hamm Plays a Jewel Thief on Apple TV+The “Mad Men” and “The Morning Show” star steals jewelry, art, and handbags from his wealthy neighbors in “Your Friends & Neighbors.”
SourcingApr 15, 2025
Diamond Club West Coast Names 2025 BoardThe organization has reelected Kalpesh Jhaveri as president.
FinancialsApr 14, 2025
Movado to Restate Years of Financials Due to ‘Misconduct’ in Dubai An investigation found that the former managing director of Movado’s Dubai branch overstated and prematurely recorded sales.
CollectionsApr 14, 2025
Sauer Embraces Emptiness Through ‘Ma’ CollectionThe collection pays tribute to the Japanese philosophy of Ma, studying balance, stillness, and the interplay between presence and absence.
IndependentsApr 14, 2025
Illinois Jeweler Closing After 45 YearsMari Lou’s Fine Jewelry in Orland Park, a suburb of Chicago, is closing its doors.
