The business has secured investors including LVMH Luxury Ventures, Ragnar Crossover Fund, and More Investments and will use this investment to fuel its growth initiatives, including the expansion of its production capacity in Israel with a second 100% solar powered facility, which will commence production this summer.

The new facility will enable Lusix to better serve the increasing demand for lab-grown diamonds, both from its existing clients and the overall industry.

Lusix was founded by Benny Landa within Landa Labs, the science innovation and incubation platform of the Landa Group. It was spun-off in 2016 as a separate business around co-founder and current CTO Yossi Yayon.

Benny Landa said: “We are thrilled and proud to welcome such high-profile investors, most notably LVMH Luxury Ventures, bringing their financial support and valuable industry insights.

“Their help will contribute greatly to our company’s success while the implications of this investment, both for Lusix and for the lab-grown diamond segment, are profound – and so exciting!”

Separately, the business has unveiled its commercial name for the offering: Sun Grown Diamonds.

“The diamond growing process is highly energy intensive. By employing 100% solar power, Lusix is contributing significantly to the reduction of emissions in the diamond industry, helping to protect our planet for future generations,” said Landa.

“Being the first company to power its entire diamond growing operation with solar energy, we are setting new sustainability standards – and are making a very powerful statement: lab-grown diamonds of even the very highest quality can be produced sustainably, meeting an ever-increasing consumer desire for luxury goods that are thrilling to own and sustainably created.”