Lab-Grown

Lab-Grown Co. Lusix Sold to 2 Companies for $4M

Lab-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 Lab Grown Diamonds at JCK Las Vegas 2022
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 … 

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

People outside holding shopping bags
SurveysDec 04, 2024
In-Store Shopping Outpaced Online Over the Holiday Weekend, Says NRF

A total of 126 million consumers shopped in stores over the five-day period, about 5 million more than last year.

Grandview Klein Diamond Group Staff
SourcingDec 04, 2024
Designer Saul Fraiman Retires After 55 Years

The fine jewelry designer, who came out of retirement in 2017, is putting down his sketchpad for good.

30.101-carat very light pink diamond
AuctionsDec 04, 2024
30-Carat Pink Diamond Fetches $2.6M at Bonhams

The Type IIa, very light pink colored diamond was the highlight of the recent Hong Kong jewelry auction.

undefined.png
Brought to you by
Protecting Your Sparkle: Why Screening Has Become Essential

While no reputable jeweler would knowingly sell lab-grown stones as natural, it's a growing possibility.

John Willard Craiger mugshot
CrimeDec 03, 2024
Man Sentenced to Life in Prison for Murder of Florida Jeweler

John Willard Craiger, 83, fatally shot jeweler Ghazi “Gus” Michel Osta following an argument in the store.

Weekly QuizNov 26, 2024
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
National Jeweler columnist Peter Smith
ColumnistsDec 03, 2024
Peter Smith: How a Leadership Hire Can Make or Break a Company

In his latest column, Smith provides a list of questions every business needs to be asking their next potential leader.

Glenn Lehrer
SourcingDec 03, 2024
Gemstone Cutter Glenn Lehrer Dies at 71

An innovative artist inspired by the natural world, Lehrer is remembered for being a visionary and a shining light.

Jewelers Mutual Group Cybersecurity
Brought to you by
Navigating Cybersecurity: Essential Guidance for Jewelers

From protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.

Jérôme Lambert and Laurent Perves
WatchesDec 03, 2024
Jaeger-LeCoultre and Vacheron Constantin Appoint New CEOs

Jérôme Lambert returns as CEO of Jaeger-LeCoultre, while Laurent Perves takes the lead role at Vacheron Constantin.

A Neiman’s Fantasy Book and Messika Necklace
MajorsDec 03, 2024
Neiman Marcus’ ‘Fantasy Gifts’ Sparkle In Pavé This Holiday Season

The extravagant gifts in this year’s “A Neiman’s Fantasy” Holiday Book range from a Messika diamond necklace to pavé diamond cowboy boots.

Windsor Jewelry storefront Indianapolis
IndependentsDec 02, 2024
Windsor Jewelry Closing After 105 Years

Owners Greg and Lynn Bires are heading into retirement.

Craig Lynch
GradingDec 02, 2024
Jewelry Appraiser Craig Lynch Dies at 70

The industry veteran is remembered for his faith, his dedication to his family, his wealth of knowledge and his generosity in sharing it.

Holiday presents
SurveysDec 02, 2024
10-Year Rewind: Comparing 2024 Holiday Shoppers With the Consumers of 2015

PricewaterhouseCoopers’ 2024 holiday trends survey took a 10-year look back to see what mattered to consumers then versus now.

De Beers rough diamonds in someone’s hand
Policies & IssuesNov 27, 2024
G7 Announces Botswana as Second Verification ‘Node’ for Rough Diamonds

Botswana joins Antwerp as a certification center for rough under the G7 ban on Russian diamonds.

Gemfields high-quality emeralds
SourcingNov 27, 2024
Gemfields Reports 'Disappointing' High-Quality Emerald Auction Results

The miner said its November sale, which earned $16.1 million, felt the effect of competitive pricing by a rival Zambian producer.

Mignon Faget Crescent Starry Night Tassel Earrings
CollectionsNov 27, 2024
Piece of the Week: Mignon Faget’s ‘Crescent Starry Night’ Tassel Earrings

Mignon Faget honors its hometown of New Orleans with a piece inspired by “The Crescent City.”

Team from Nivoda in the New York City Diamond District
TechnologyNov 27, 2024
Nivoda Secures Additional Funding

The London-based business-to-business diamond and gemstone marketplace just closed on a $51 million round of Series C funding.

Forever Present Campaign Me Myself & I
SourcingNov 26, 2024
De Beers Stays With ‘A Diamond Is Forever’ for 2024 Holiday Campaign

“Forever Present” highlights gifting opportunities for natural diamonds, celebrating familial, friendship, and romantic relationships.

Suzanne Belperron jewelry
AuctionsNov 26, 2024
Christie’s To Auction Collection of Suzanne Belperron Jewels

It’s one of the most impressive assemblages of the French designer’s pieces ever to come to auction, Christie’s said.

National Jeweler columnist Emmanuel Raheb
ColumnistsNov 26, 2024
The Smart Lab: 7 Strategies for Refining Your Holiday Email Marketing Campaigns

Successful email marketing campaigns are all about timing, personalization, and compelling CTAs, Emmanuel Raheb writes.

Lisa Bridge and Dr. Wendy Bohrson
MajorsNov 26, 2024
GIA’s Board of Governors Adds 2 New Members

Retail leader Lisa Bridge and geology professor Dr. Wendy Bohrson joined the organization’s board.

Ben Bridge Benny Bear
MajorsNov 26, 2024
Ben Bridge Jeweler Unveils This Year’s ‘Benny Bear’

Look out for a black bear wearing a purple Santa hat and its zippered tummy pouch made for holding a holiday gift from Ben Bridge Jeweler.

William Goldberg book
SourcingNov 25, 2024
William Goldberg Celebrates 2 Major Milestones With New Book

“The William Goldberg Way” was released in honor of the company’s 75th anniversary and 25 years of its proprietary Ashoka diamond.

Sophie Bille Brahe New York Store Interior
IndependentsNov 25, 2024
Sophie Bille Brahe Opens First US Store

The Danish brand has opened an appointment-only location on Madison Avenue in New York City.

Original Miami Beach Antique Show sign
Events & AwardsNov 25, 2024
The Original Miami Beach Antique Show Panel to Feature Fred Savage

The actor and watch enthusiast will be part of the show’s education lineup.

CD Peacock Mansion in Oak Brook, Illinois
EditorsNov 22, 2024
Out & About: Inside the CD Peacock Mansion

Step inside the nearly 21,000-square-foot suburban Chicago jewelry store with Editor-in-Chief Michelle Graff.

Xander Jane earrings
CollectionsNov 22, 2024
Piece of the Week: Xander Jane’s ‘Spiked’ Pearl Studs

These punk-inspired earrings from the new Canadian brand’s debut collection reveal the alter ego of the classic pearl.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy