In a press launch issued last week, Fenix and Dholakia Lab-Grown Diamonds launched that they’ve collectively acquired Lusix for $4 million, a switch they talked about will bolster their respective positions as “environmentally minded” lab-grown diamond firms.
Primarily based in 2016 by Israeli inventor and entrepreneur Benny Landa, Lusix had a serious presence on the 2022 JCK Las Vegas current, touting the sustainability of its “Photo voltaic Grown Diamonds” created using the chemical vapor deposition course of in a solar-powered manufacturing facility exterior Tel Aviv, Israel.
By the 2022 Vegas current, the company launched that it had merely closed on a $90 million spherical of funding that included LVMH Luxurious Ventures, LVMH’s private equity arm, though it can later come to delicate that this spherical of funding was a lot much less of a vote of confidence and additional of a mortgage to a company that already was struggling.
In accordance with a report revealed in September by Israeli tech and startup info site CTech, Lusix began feeling the pinch from additional opponents and reduce lab-grown diamond prices in 2022, with revenue steadily declining and losses rising over the previous two years.
Lusix filed for short-term security from collectors in August, asking the courtroom docket to freeze its cash owed to banks, an precise property agency, and quite a few suppliers whereas it came upon a path forward.
Of their launch issued last week, Fenix and Dholakia Lab-Grown Diamonds launched that that they’d emerged as a result of the worthwhile bidders for Lusix and could possibly be collectively shopping for the company.
They talked about after offering “associated phrases,” they in the long run decided to separate the manufacturing between themselves, and Select Irit Weinberg Nusowitz of the Central District Courtroom in Lod, Israel, approved the deal.
Fenix and Dholakia Lab-Grown Diamonds talked about they’re going to protect Lusix’s evaluation labs in Israel and proceed to develop diamonds there for at least a 12 months.
Of the company’s 23 workers, 10 will carry on for at least six months, whereas the remaining 13 will doubtless be with Lusix for at least one 12 months.
A spokesperson for Fenix talked about throughout the meantime, the teams from Fenix and Dholakia Lab-Grown Diamonds will doubtless be engaged on optimizing the model new sources and understanding what the model new capabilities will suggest in the long run.
Fenix is based in New York with workplaces in Mumbai, Antwerp, and Hong Kong.
It has three diamond-growing factories in Surat, India, all 100% powered by renewable vitality and SCS licensed as being carbon neutral.
Inside the launch saying the acquisition, Fenix Managing Director Naman Parikh talked about, “The technological developments that the Lusix acquisition brings aligns with our imaginative and prescient of remaining on the forefront of innovation. We want to present our prospects bigger price by greater diamonds in an affordable methodology.”
Dholakia Lab-Grown Diamonds’ flagship lab-grown diamond jewelry mannequin Craft, which moreover boasts a solar-powered rising course of, is headquartered in New York with a design center and manufacturing facility in Mumbai and Surat, India.
Hasu Dholakia of Dholakia Lab-Grown Diamonds talked about the addition of Lusix will help the company enhance manufacturing functionality and push the boundaries of lab-grown diamond innovation.