GradingJan 13, 2023
Sarine To Acquire Majority Stake in GCAL GradingJan 17, 2023
IGI CEO Confirms Report of Potential Sale
The company that owns an 80 percent stake in the Antwerp-based lab reportedly believes it is worth more than $200 million.
Bloomberg reported last week that Fosun International Ltd. is considering selling the International Gemological Institute. Fosun has owned an 80 percent stake in the lab for about five years.
New York—Chinese conglomerate Fosun International Ltd. is considering selling its stake in the International Gemological Institute.
Bloomberg first reported the news last Thursday and IGI CEO Roland Lorie confirmed the report to National Jeweler via email on Friday, stating that news of the potential sale is evidence of the lab’s strength.
“IGI’s primary goal is to provide proper information and education to the public and we are happy to see many potential investors are sharing this view,” Lorie wrote.
“After several fruitful years of growth and excellence alongside the diamond industry, the shareholders believe IGI is to enter a new growth phase and are currently reviewing candidate investors to further grow the company vision.”
He added IGI “is and remains” an “independent expertise company” headed by himself and the lab’s managers worldwide.
Citing unnamed sources, Bloomberg said the deal valued the Antwerp-based grading lab at about 200 million Euros ($215 million).
Its potential sale is part of a broader effort by Fosun to strengthen its balance sheet by offloading as much as $11 billion in assets in the coming year, the media outlet reported.
Shanghai Yuyuan Tourist Mart Co. is the unit of Fosun that owns a stake in IGI. It bought the grading lab from shareholders Roland Lorie and Marc Brauner for $108.8 million in a deal announced in 2018.
The Lorie family, which founded the lab, retained the remaining 20 percent, with Roland staying on as CEO. Brauner and his eldest son, Youry Brauner, resigned at the time of the acquisition.
Avi Levy currently oversees IGI in the U.S. market as president of IGI North America.
Fosun is working with Deutsche Bank AG on the potential sale of the lab, according to Bloomberg.
News of the potential sale of IGI comes on the heels of two other major developments concerning the industry’s grading labs.
In October, the American Gem Society announced it would close AGS Laboratories at the end of 2022 and merge its operations with the Gemological Institute of America.
Just last week, news broke that Israel-based equipment and technology company Sarine is planning to buy a majority stake in the Gem Certification and Assurance Laboratory (GCAL), the operation Don and Pamela Palmieri opened in 2001.
More on Grading
The Latest
Events & AwardsJun 06, 2023
Meet the 2023 Couture Design Award WinnersThe jewelry trade show awarded brands and individuals across 14 categories.
ColumnistsJun 06, 2023
Squirrel Spotting: The Challenge of Closing Sales Many times, customers walk away without buying because of this one thing salespeople neglect to do, Peter Smith writes.
Policies & IssuesJun 06, 2023
Grandview Klein Diamonds, Local Partners Donate to Primary SchoolThe donation to a school in Namibia included computer equipment, infrastructure repair and sanitary wear.
Brought to you by
The Next Step for GIA Diamond ReportsThe most trusted diamond report, available in print or the GIA App.
Events & AwardsJun 05, 2023
HardRock Summit Organizers Gear Up for Third Annual ShowMore than 250 gem, jewelry, and mineral companies are expected to exhibit, including the American Gem Trade Association.
Weekly QuizJun 02, 2023
This Week’s QuizTest your jewelry news knowledge with this short test.
TrendsJun 02, 2023
Take a Peek at Couture’s Newest Design Talents This year’s Design Atelier is full of gems.
CollectionsJun 02, 2023
Piece of the Week: Saboo Fine Jewels’ Emerald EarringsThey’re a testament to the power of excellent design.
Brought to you by
Beyond Borders: Crucial Factors in Colored Stone Origin DeterminationNavigate origin determination with Continuing Education seminars offered by the GIA Alumni Collective™.
IndependentsJun 02, 2023
These Are the 2023 Retailer Hall of Fame InducteesThis year’s honorees include one of Florida’s largest independent jewelers and two multi-store independents in the Chicago and New York areas.
TrendsJun 01, 2023
See 50+ Jewels Debuting at Couture in Las VegasThe industry’s most influential contemporary designers are showcasing their latest jewelry designs.
Lab-GrownJun 01, 2023
35-Carat Lab-Grown Diamond Going on Display in VegasCreated by Maitri Lab-Grown Diamonds and graded by IGI, it’s slightly bigger than the record-setting lab-grown diamond GIA just examined.
MajorsJun 01, 2023
Bottom Line Marketing Announces Restructured Leadership, New Service OfferingsThe marketing agency has integrated its first C-suite.
Events & AwardsJun 01, 2023
Meet JCK’s 2023 Keynote SpeakerThe jewelry trade show also will debut educational content centered around social media.
TrendsMay 31, 2023
Here’s a Sneak Peek of New Jewelry to Check Out at JCKLuxury kicks off today, with the full show in swing on Friday.
CollectionsMay 31, 2023
Verragio’s Debut Fine Jewelry Collections Honor Company HeritageOne of the three new collections was inspired by the legend of a woman who traded her mansion to Cartier for two strands of natural pearls.
MajorsMay 31, 2023
Signet Jewelers Names New Head of Investor RelationsRob Ballew will be tasked with communicating the jewelry giant’s plans and financial performance to investors.
MajorsMay 31, 2023
Jewelers Mutual Launches App for Retailers, Introduces New BrokerageWith the app, customers receive a 15-day insurance offer on new purchases while their coverage needs are being evaluated.
Lab-GrownMay 30, 2023
Lightbox Is Testing Out a Trendy Concept Shop in BrooklynIt is in House of Showfields, a bazaar-style retail space in the borough’s Williamsburg neighborhood.
Events & AwardsMay 30, 2023
These Are the Can’t-Miss JCK Talks Education SessionsFrom consumer trends to retail technology, these are the JCK Talks sessions that should be on attendees’ radar.
AuctionsMay 30, 2023
Sotheby’s to Auction Mellon Family JewelrySignature pieces from Cartier and David Webb will appear in the June jewelry auction.
Events & AwardsMay 30, 2023
24 Karat Club of Southern California Recognizes 3 HonoreesThey will be celebrated at the annual dinner dance and gala in the fall.
Recorded WebinarsMay 26, 2023
Watch: Diamond Cut Quality: The Final Frontier Part 2Supplier Spotlight Sponsored by IGI
Recorded WebinarsMay 26, 2023
Natural and Lab-Grown Diamonds: What It’s Like to Sell Both Watch retailers Jeffery Bolling and Bobby Bengivengo discuss employee training, customer education and the sticky subject of future value.
FinancialsMay 26, 2023
Movado Sales Slip in Q1 Amid Inflation Woes, Tough CompsThe company has plans to revamp the Movado brand and offer less expensive watches this year.
AuctionsMay 26, 2023
Piece of the Week: A Bulgari Sapphire and Diamond NecklaceSet with a 118-carat unheated Sri Lankan sapphire, it just sold for $3.4 million at Phillips jewelry auction in Hong Kong.
Supplier BulletinMay 25, 2023
RAE Fine Jewelry Collection Debuting at JCK Luxury 2023Sponsored by Noam Carver
TechnologyMay 25, 2023
State of Retail: Why Jewelers Need to Invest in Cybersecurity NowAs cybercrime incidents threaten the industry, jewelers need to know what they’re up against and the best ways to protect their businesses.
