Benny Landa Chairman LUSIX , a producer of lab-grown diamonds (LGD) backed by Israeli entrepreneur and inventor , is in danger of shuttering. While the company raised $150 million in investments, it is now looking for protection from $15 million of debt owed to Bank Leumi, Israel Discount Bank and Amot Investments. Lusix’s problems result from a 90% drop in the value of lab-grown diamonds.
Apparently, it turns out that artificial diamonds are not a girl’s best friend. The company asked a court to grant it six weeks in order to attempt to complete a merger with another firm. Should Lusix complete the merger, the company says it will then have the capital needed to pay back its creditors.
Lab-grown diamonds, also known as synthetic diamonds, are diamonds produced by a manufacturing process, as contrasted with natural diamonds created by geological processes and extracted by mining. Lab-grown diamonds are chemically and physically no different from natural diamonds. But are they also a girl’s best friend? Based in Modi’in, lusix was founded in 2016 when it was spun-off from the Landa Group as a separate disruptive business around co-founder and current CTO Dr.
Yossi Yayon and, Lusix boasts that it is a prime grower of lab-grown diamonds committed to supplying affordable luxury to environmentally and socially aware consumers. The Landa group was founded by Benny Landa about a decade ago. It was while working at Landa Labs that Lusix co-founder and CTO, Dr.
Yossi Yayon, de.