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
CrimeMay 13, 2026
JSA’s 2025 Crime Report Shows ‘Concerning’ Rise in ViolenceWhile the overall number of crimes was down, there were more incidences in which robbers pulled out guns, mace, or rammed cars into stores.
IndependentsMay 13, 2026
New Orleans Jeweler Closing Canal Place StoreJack Sutton Fine Jewelry is closing its store inside the downtown shopping center after 40 years in business.
SourcingMay 13, 2026
Smithsonian Acquires ‘Winston Red’ Diamond PaintingReena Ahluwalia’s painting of the rare red diamond is the first contemporary painting to join the National Gem Collection.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
TrendsMay 13, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
Weekly QuizMay 07, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
ColumnistsMay 12, 2026
It’s Official: We’re Getting ‘Brain Rot’ From Watching Short-Form Videos Peter Smith gives tips on leading meetings, developing marketing, and making trade show appointments in the age of short attention spans.
CollectionsMay 12, 2026
Jessica McCormack Debuts Antique Coin-Inspired Medallions for SummerThe 11-piece “Medallions” capsule collection features five motifs: a crying eye, a heart on fire, a spiral, a flower, and a swallow.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
IndependentsMay 12, 2026
State of Retail: 6 Things Retailers Should Know About Consumers TodayFrom Gen Z’s view of luxury to “doom spending,” these are the six consumer trends to note this year.
Events & AwardsMay 12, 2026
The Tiffany & Co. x CFDA Jewelry Designer Award Is BackThe partners have announced the second cycle of the program, which has expanded to include a $25,000 student scholarship.
IndependentsMay 11, 2026
Kansas Jeweler Closing After 70 YearsThe owners of Staats Jewelers are heading into retirement.
TrendsMay 11, 2026
Former Macy’s CEO Joins Signet Jewelers BoardJeffrey Gennette, who retired in 2024 after 41 years with Macy’s, is the newest member of the jewelry retailer’s board of directors.
TrendsMay 11, 2026
Amanda’s Style File: Lucky May May babies are lucky to have emeralds, a gemstone admired for centuries, as their birthstone, writes Amanda Gizzi.
TechnologyMay 11, 2026
Clientbook’s New Tool Helps Jewelers Plan In-Store EventsThe new module allows retailers to plan, promote, and measure the success of events from a single dashboard.
SourcingMay 08, 2026
Ronnie VanderLinden Takes Over as WDC President The diamantaire and industry leader succeeds Feriel Zerouki and said he will focus on being a “champion” for natural diamonds.
TrendsMay 08, 2026
Rihanna Chooses ‘Desert Diamonds’ for 2026 Met GalaShe wore our Piece of the Week, Glenn Spiro’s “Old Moghul Golconda” earrings, featuring fancy brown-yellow diamonds totaling 51.90 carats.
Events & AwardsMay 08, 2026
JA Announces 2026 CASE Award WinnersTwo pieces were named “Best in Show,” one from the retail category and one from the supplier category.
FinancialsMay 07, 2026
Brilliant Earth Appeals to Higher-Income Shoppers in Q1The jewelry retailer noted resilience among its higher-end customers while demand softened for its lower-priced offerings.
AuctionsMay 07, 2026
‘Spectacular’ Kashmir Sapphire Headlines Heritage Spring Jewelry SaleLed by the 6.59-carat sapphire, the sale garnered $9.7 million, a record total for a Heritage jewelry auction.
MajorsMay 07, 2026
Gannon & Scott Names New Regional Account ExecutiveIn his new role, sales specialist Billy Welshoff will focus on the eastern United States.
WatchesMay 07, 2026
Chrono24 Names New CEOJosé Gaztelu has been promoted to the role, which has been vacant since last year.
Events & AwardsMay 07, 2026
JA Accepting Applications for 2026 Scholarship ProgramIt has also opened the application period for the Seymour & Evelyn Holtzman Bench Scholarship through June 30.
SourcingMay 06, 2026
Canada’s Oldest Diamond Mine Faces Uncertain FutureThe owner of the Ekati mine, which opened in 1998, has filed for insolvency protection amid the significant decline in diamond prices.
FinancialsMay 06, 2026
Pandora to Add Carbon Footprint Info to Lab-Grown DiamondsThe company announced the change alongside its Q1 results, which showed that the jewelry brand’s year is off to a shaky start.
MajorsMay 06, 2026
Saks Global Begins Layoffs, Reorganization Plans Closer to ApprovalThe retailer will cut 16 percent of its corporate workforce as part of its plan to exit bankruptcy.
AuctionsMay 06, 2026
Steve McQueen’s Heuer Monaco Watch Heads to Sotheby'sOf the many examples used in the filming of “Le Mans,” this one is believed to have spent the most time on Steve McQueen’s wrist.
EditorsMay 05, 2026
This Ohio Designer’s Jewelry Made It to the Met GalaMegan Piccione dressed Lauren Wasser in layers of diamond jewelry, making her stand out in a crowd that included celebrities like Beyoncé.
