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Israeli lab-grown diamond company Lusix has secured its first outside investment. Ragnar and More Investment House led the $45 million financing for Lusix.
▲ White and pink diamonds produced by Lusix
Lusix was founded by inventor and technology pioneer Benny Landa, behind which is the Landa Group, a well-known Israeli technology company, involved in nanotechnology alternative energy, industrial coating, cosmetics, diamond processing, packaging, drug delivery and other fields. Benny Landa said that most of Israel's once prosperous diamond processing industry has been transferred to India. With the reduction of the diamond processing industry, Israel has a very large industrial opportunity to cultivate diamonds.
"This investment will further accelerate Lusix's growth to meet Lusix's current exploding demand for high-quality lab-grown diamond growth," Lusix said. The new factory, which will be several times larger than the existing one. The factory is scheduled to open in the second half of this year.
Previously, the company hired rough diamond expert Eyal Axelrod as its vice president of sales and marketing. Axelrod was previously a De Beers broker and I. Hennig & Co. natural diamond market advisor.
The lab-grown diamond market has grown exponentially over the past 5 years. The growth was driven by retailer and consumer demand and showed no signs of slowing down. Lusix achieved SCS 007 certification in 2021 as a "Sustainable Diamond" certified business.
Axelrod said: "After working in the diamond industry for many years, I think the time is right to enter the laboratory-grown diamond market." The Lusix head also believes that the appointment will enable Lusix to reach new strategic customers and strengthen its relationship with leading Connections to diamond industry players.