International Gemmological Institute (India) Ltd.

“IGI India operates a near-monopoly certification toll-road in India's lab-grown diamond market, earning 60% EBITDA margins and 43% ROE on an essentially debt-free balance sheet — a genuinely rare business quality profile on Indian exchanges. The moat is trust-based, embedded in trade workflows, and widening as LGD volumes grow. However, the current 27.5x trailing P/E and Blackstone PE promoter structure (with royalty RPTs flowing to the Belgian parent) create a governance overhang and limited margin of safety that prevent a full conviction buy. The business deserves to be owned; the price demands patience.”