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.

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.
The Latest

Located on Rodeo Drive, the store’s design was inspired by Hollywood and Los Angeles culture.

The new location continues the brand’s celebration of its 25th anniversary.

The online watch marketplace’s “Time Is Our Thing” campaign highlights the importance of time.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

She will oversee strategic planning, fundraising, industry partnerships, and the launch of the Gem Legacy Campus in Tanzania.


Working with Amazon’s Counterfeit Crimes Unit and law enforcement, Pandora helped to shut down a large-scale counterfeit network in China.

The jewelry company has closed its three California brick-and-mortar stores, as well as its online shop, for now.

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

The company is providing the opportunity for an FIT student to work alongside master diamond cutter Willie Lopez in its workshop.

He is remembered for his successful entrepreneurship, generosity, and dedication to his family.

The jewelry store chain has reportedly been struggling with costs related to tariffs as well as tough retail competition.

Welcome warm summer days with red hot rubies perfectly chosen as July’s birthstone.

Co-founders Afzal Imram and Lin Ruiyin brought their son’s story of a cosmic egg, toadstool, and railroad to life in their new collection.

The best time to prepare for the holiday season is right now, according to columnist Emmanuel Raheb.

This year’s winner is Morgan Keefe, who is currently studying at GIA to be a gemologist.

“The Jewelry Book” comes out this September.

The company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.

Following its recent acquisition, the storied brand has updated its leadership team and regional managers.

AGS also named the recipient of its “Women in Leadership” scholarship.

The 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.

Rocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.

The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.

The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.

The “Playlist: Electric Dreams” collection brings lyrics from the musician’s song, “Little Wing,” to life through fine jewelry.

The event is set for May 16-19 in Detroit, Michigan.

The Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.

Agents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.