Fenix Diamonds to Acquire Lusix for $4 Million After Competing Bids

Belgian synthetic diamond producer Fenix Diamonds will acquire Lusix, an Israeli lab-grown diamond company, for $4 million. The acquisition follows the withdrawal of a Japanese bidder, EDP, due to regional conflict. Fenix and PD Holdings both submitted $4 million bids, but the deciding factors were employment and payment terms. Fenix's proposal won support from Lusix employees and creditors, with commitments to retain 23 staff members for various durations. Lusix, founded by Benny Landa in 2016, struggled financially after synthetic-diamond prices dropped, leading to debts of $28 million.