Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Steep fall in diamond prices leading to slowdown in demand for certification services since its not viable as much for a consumer as it used to be.</li>
<li>A leading jeweller in India reiterated that certification demand for diamonds is slowing down due to changing consumer preferences.</li>
<li>The International Gemmological Institute, the leading certification agency, is now facing headwinds evident from earnings growth slowdown.</li>
</ul>


Steep fall in diamond prices leading to slowdown in demand for certification services since its not viable as much for a consumer as it used to be.
A leading jeweller in India reiterated that certification demand for diamonds is slowing down due to changing consumer preferences.
The International Gemmological Institute, the leading certification agency, is now facing headwinds evident from earnings growth slowdown.


IGI Faces Headwinds: Growth Concerns, Market Risks & Uncertainties

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

IGI (India) Limited / Equity Capital Markets

<ul>
<li>International Gemmological Institute (India) raised around US$500m in its India IPO. </li>
<li>IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.</li>
<li>We have looked at the company’s past performance and IPO valuations in our previous notes. In this note, we talk about the trading dynamics.</li>
</ul>


International Gemmological Institute (India) raised around US$500m in its India IPO. 
IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.
We have looked at the company’s past performance and IPO valuations in our previous notes. In this note, we talk about the trading dynamics.


IGI (India) IPO Trading - Decent Anchor and Strong Overall Demand

<ul>
<li>International Gemmological Institute (India) Limited (IGII) is looking to raise about US$500m in its upcoming India IPO.</li>
<li>IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.</li>
<li>In this note, we will look at the company’s past performance and talk about the IPO valuations.</li>
</ul>


International Gemmological Institute (India) Limited (IGII) is looking to raise about US$500m in its upcoming India IPO.
IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.
In this note, we will look at the company’s past performance and talk about the IPO valuations.


IGI (India) IPO - Unique Exposure but Questionable Acquisition, and 4x Returns for PE in 18 Months

Thematic (Sector/Industry)

<ul>
<li>With gold up sharply YoY, retailers are nudging consumers toward studded (diamond/LGD) and lower-karat, light-weight gold.</li>
<li>This demand is looking structural in nature(even if gold cools off), given changes in business mix(focus on studded/LGD) and promotion across retailers.</li>
<li>Detailed analysis of all retailers on change in demand as well as new frontier of growth in LGD and Studded jewellery segment.</li>
</ul>


With gold up sharply YoY, retailers are nudging consumers toward studded (diamond/LGD) and lower-karat, light-weight gold.
This demand is looking structural in nature(even if gold cools off), given changes in business mix(focus on studded/LGD) and promotion across retailers.
Detailed analysis of all retailers on change in demand as well as new frontier of growth in LGD and Studded jewellery segment.


How Rising Gold Prices Are Driving Growth of Lab-Grown Diamond and Studded Jewellery in India?

<ul>
<li>The global lab-grown diamond (LGD) market, dominated by the US, is rapidly expanding with a projected CAGR of 8.64%, driven by affordability and sustainability.</li>
<li>India, already a major production hub with <strong>15% global share</strong>, aims for robust growth through government incentives and rising domestic consumer demand and premiumisation.</li>
<li>Consumer preference is notably shifting towards LGDs ,decreasing the gap between sales share of Natural and LGD’s driven by affordability, customization, and ethical considerations</li>
</ul>


The global lab-grown diamond (LGD) market, dominated by the US, is rapidly expanding with a projected CAGR of 8.64%, driven by affordability and sustainability.
India, already a major production hub with 15% global share, aims for robust growth through government incentives and rising domestic consumer demand and premiumisation.
Consumer preference is notably shifting towards LGDs ,decreasing the gap between sales share of Natural and LGD’s driven by affordability, customization, and ethical considerations


Thematic Report- India's Lab Grown Diamond Industry: Poised to Outpace the Natural Diamond Industry?

India

International Gemmological Institute (India) Limited (IGI) provides grading and accreditation services. The Company grades and appraises natural and lab grown diamonds, gem-stones, and jewelry products. IGI serves customers worldwide.

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IGI (India) Limited (IGIL IN)

IGI Faces Headwinds: Growth Concerns, Market Risks & Uncertainties

Diamond prices have dropped, leading to decreased demand for certification services as consumers find it less necessary, impacting leading...

Nimish Maheshwari

IGI (India) IPO Trading - Decent Anchor and Strong Overall Demand

International Gemmological Institute (India) raised around US$500m in its India IPO. We have looked at the past performance in our earlier notes,...

Sumeet Singh

IGI (India) IPO - Unique Exposure but Questionable Acquisition, and 4x Returns for PE in 18 Months

International Gemmological Institute (India) Limited (IGII) is looking to raise about US$500m in its upcoming India IPO. In this note, we look at...

Sumeet Singh

How Rising Gold Prices Are Driving Growth of Lab-Grown Diamond and Studded Jewellery in India?

Retailers are steering consumers towards studded and lower-karat gold jewelry as demand shifts, even as gold prices rise.

Nimish Maheshwari

Thematic Report- India's Lab Grown Diamond Industry: Poised to Outpace the Natural Diamond Industry?

India is the 2nd largest player in lab grown diamond market and growing with much faster than usual natural diamond market. This report include...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IGI Faces Headwinds: Growth Concerns, Market Risks & Uncertainties

​Diamond prices have dropped, leading to decreased demand for certification services as consumers find it less necessary, impacting leading...

Nimish Maheshwari

IGI (India) IPO Trading - Decent Anchor and Strong Overall Demand

International Gemmological Institute (India) raised around US$500m in its India IPO. We have looked at the past performance in our earlier notes,...

Sumeet Singh

IGI (India) IPO - Unique Exposure but Questionable Acquisition, and 4x Returns for PE in 18 Months

International Gemmological Institute (India) Limited (IGII) is looking to raise about US$500m in its upcoming India IPO. In this note, we look at...

Sumeet Singh

How Rising Gold Prices Are Driving Growth of Lab-Grown Diamond and Studded Jewellery in India?

​Retailers are steering consumers towards studded and lower-karat gold jewelry as demand shifts, even as gold prices rise.

Nimish Maheshwari

Thematic Report- India's Lab Grown Diamond Industry: Poised to Outpace the Natural Diamond Industry?

India is the 2nd largest player in lab grown diamond market and growing with much faster than usual natural diamond market. This report include...

Nimish Maheshwari

Diamond prices have dropped, leading to decreased demand for certification services as consumers find it less necessary, impacting leading...

Retailers are steering consumers towards studded and lower-karat gold jewelry as demand shifts, even as gold prices rise.