The International Gemological Institute (IGI) has been sold in a deal worth more than $US596.6 million ($AU896.3 million).
The network of 29 grading laboratories and 18 gemmology schools, employing approximately 1,000 people, was 80 percent owned by China’s Fosun Group.
Singapore’s BCP Asia II Topco has now acquired the IGI. The new owners of the network are owned by Blackstone, the world’s largest ‘alternative’ asset management company.
Blackstone is based in the US and oversees more than $US991 ($AU1.49 trillion) in assets.
Mukesh Mehta, senior managing director at Blackstone, said: “IGI has spearheaded the certification of natural diamonds, lab-created diamonds, and color gemstones, becoming a global market leader.”
“We are bringing the best of Blackstone to the business – our operational expertise, capabilities in technology, and global track record in building successful businesses to help the company expand its global footprint.”
CEO Roland Lorie is the son of IGI founder Marcel Lorie, who launched the company in Antwerp in 1975. Lorie previously owned a 20 percent stake in the company.
“IGI has had a successful track record for close to 50 years since we founded the company, and we are pleased to entrust Blackstone to take IGI on to its next stage of development. IGI has been a pioneer in developing products adapted to manufacturers, retailers , and consumers’ expectations.
The majority of IGI’s operations are based in India, specializing in the grading of finished jewelry and lab-created diamonds.
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