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.
Editors' Picks
Sponsored by
More on Lab-Grown
The Latest
WatchesApr 10, 2026
These Watches Have Increased in Value the Most Since 2018, Says Chrono24The top-performing watch models may be surprising, with Rolex and several popular pandemic-era picks notably absent from the top 20.
CollectionsApr 10, 2026
Ophelia Eve’s Toggle Pendant Holds Your SecretsThe “Scroll” toggle pendant, our Piece of the Week, opens to reveal a hidden message, mantra, or love letter written on washi paper.
ColumnistsApr 09, 2026
Jewelry Demand Isn’t Stronger, Prices Are Just Higher Jewelers who misinterpret the state of the jewelry market risk employing the wrong retail strategy, cautions columnist Sherry Smith.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
MajorsApr 09, 2026
Tiffany & Co. Promotes Nathalie Verdeille to SVP, Chief Artistic OfficerIn her newly expanded role, she will continue to oversee the jewelry category, as well as watches, home, and accessories.
Weekly QuizApr 09, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesApr 09, 2026
Jacob & Co. Rolls Out Its Sequel to ‘The Godfather’ Musical Watch“The Godfather II” watch plays two melodies from the mob film’s score, “The Godfather’s Waltz” and “The Godfather Love Theme.”
Events & AwardsApr 09, 2026
JCK Announces Jesse Itzler as 2026 Keynote SpeakerOrganizers have also introduced the new JCK Talks Signature Series, as well as an offering of watch-focused workshops and lectures.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
SourcingApr 09, 2026
AGA To Honor ‘Quiet Leadership’ With New AwardThe Alan Hodgkinson Medal recognizes gemologists who are consistently generous with their time and expertise.
WatchesApr 09, 2026
Oris Names New CEO, CFOThe Swiss watchmaker is changing up its executive leadership team as part of a restructuring.
CollectionsApr 08, 2026
Hearts On Fire Celebrates 30 Years By Asking a QuestionThe “What’s Your Signature?” campaign invites women to think about how they see themselves.
SourcingApr 08, 2026
Sale of 42-Carat Blue Diamond Gives Petra a Boost in Q3The big diamond’s sale added to the company’s revenue though the market remains “challenging” overall, particularly for smaller goods.
Events & AwardsApr 08, 2026
AGS Confluence Returns with AI, Sustainability SessionsRob Bates of The Jewelry Wire will also moderate a panel on the state of the jewelry industry during the virtual event.
Events & AwardsApr 08, 2026
TJS to Honor 2 Longtime Former Stuller EmployeesThe Jewelry Symposium will honor two industry veterans with lifetime achievement awards at its upcoming May event.
TrendsApr 08, 2026
Amanda’s Style File: April’s Brilliant Birthstone With their durability, brilliance, and beauty, diamonds are the perfect stone for everyday birthstone jewelry.
MajorsApr 07, 2026
QVC Group’s Latest Filing Calls Its Future Into QuestionThe retailer failed to file its annual report on time and said it may issue a going concern warning.
ColumnistsApr 07, 2026
Peter Smith: A Tip to the Post Office on Workplace CultureSmith recounts a recent trip to the post office that included an uncomfortable, embarrassing, and public exchange between two employees.
GradingApr 07, 2026
GIA CFO David Tearle to Retire in June John Cowley, who has more than 30 years of experience, is succeeding Tearle as the lab’s chief financial officer.
CollectionsApr 07, 2026
Nerd Out Over Gemology Geek’s First Jewelry CollectionFounder Erica Silverglide has designed 35 colorful pieces set with fluorescing gemstones for the brand's first finished jewelry offering.
CollectionsApr 07, 2026
Ukrainian Jewelers Highlighted In New Book“Ukrainian Jewelry | Contemporary Jewelry and Art Jewelry from Ukraine” features 33 contemporary Ukrainian designers and studios.
CollectionsApr 06, 2026
Fope’s New Jewelry Debuts Are Golden“The Golden Now” campaign celebrates the here and now with the brand’s signature styles and a selection of its new pieces.
MajorsApr 06, 2026
Kecia Caffie, Corinne Bentzen No Longer With Signet JewelersSignet confirmed that Caffie, president of Zales and Banter, and Bentzen, who headed Blue Nile, have left the company.
CollectionsApr 06, 2026
Historian Tanzy Ward Pens Book on Black Victorians’ JewelryThe antique jewelry dealer talks about the importance of including Black Americans in jewelry history and preserving their stories.
SourcingApr 06, 2026
Gemfields Reports $51M Loss in 2025Both its mines faced challenges last year, from operational issues to disruptions in the market.
CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
MajorsApr 03, 2026
Saks Global Says It Will Emerge From Bankruptcy This SummerThe luxury retailer, which went Chapter 11 in January, announced Thursday that it has secured $500 million in exit financing.
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
