US-based private equity firm Blackstone has purchased the International Gemological Institute (IGI) for US$569.65 million – a move that the investment company said would support IGI’s continued expansion. 

Fosun Group held an 80 per cent stake in IGI through its subsidiary Alpha Yu BV while current IGI CEO Roland Lorie owned the remaining 20 per cent through his firm, Lorie Holding BV. Through the acquisition, Fosun and Lorie Holding will receive US$455.38 million and US$113.85 million, respectively. The sale, which includes IGI Belgium, IGI Netherlands and IGI India, was made through BCP Asia II, an affiliate of Blackstone.

Blackstone told JNA that it plans to bring in its technological know-how and scale to further build IGI’s capabilities and global reach, and solidify its market position.

“We see strong potential in the company’s continued growth, supported by the increasing popularity of lab-grown diamonds and what Blackstone can bring to the business – our incredible scale, operational expertise and capabilities in technology – to support its continued expansion,” remarked Blackstone. 

Founded in 1975 in Antwerp, IGI is a global leader in independent certification of diamonds, gemstones and jewellery and is the world’s first gemmological laboratory to hold ISO accreditations in both natural and lab-grown diamonds, according to Blackstone. Since 2005, it has spearheaded lab-grown diamond certifications, paving the authentication and standardisation of a rapidly growing industry. IGI operates 29 laboratories and 18 gemmological schools across 10 countries.