Grading

IGI CEO Confirms Report of Potential Sale

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.
 
 Related stories will be right here … 
 
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.
 
Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

Supplier BulletinJan 26, 2023
JA New York Spring Brings the Industry Together

For over 100 years, JA New York has played an integral role in facilitating the evolution of our industry, while also honoring past traditions.

TrendsJan 26, 2023
At Vicenzaoro, Paola De Luca Gazes Into Jewelry’s Future

The trend forecaster and her guests explored unconventional jewelry designs, NFTs, AI art, and more during her Trendvision presentation.

CollectionsJan 26, 2023
NDC and Lorraine Schwartz Announce New ‘EDDI’ Class

The Emerging Designers Diamond Initiative provides diamond credit and mentorship to young brands helmed by BIPOC designers.

Brought to you by
Bringing Over 130 Years of Diamond Expertise to Modern Grading

De Beers Institute of Diamonds provides the very best in diamond verification, education and diamond services.

IndependentsJan 26, 2023
Lee Michaels Fine Jewelry Set to Open 10th Store

It will be located in San Antonio’s Alamo Quarry Market and will be Lee Michaels’ third location in the city.

Weekly QuizJan 26, 2023
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
Policies & IssuesJan 26, 2023
Diamonds Do Good Names 10 to Board of Directors

Stephanie Gottlieb, Jewelers Mutual’s Mike Alexander, and Craig Rottenberg of Long’s Jewelers are among the new board members.

WatchesJan 25, 2023
These Were 2022’s Top-Selling Watch Brands, Chrono24 Says

Rolex remained No. 1 while a brand known for its pilot watches slipped into the No. 5 spot.

Brought to you by
De Beers Institute of Diamonds Expands to Offer Education

De Beers is sharing over 130 years of experience and expertise through the De Beers Institute of Diamonds with a selection of courses.

MajorsJan 25, 2023
John Hardy Names New CEO

Luxury retail executive Frédéric Levy has taken on the role.

Events & AwardsJan 25, 2023
Couture DAC Accepting Applications for Mentorship Program

Jewelry designers have until early February to apply to take part in Couture's Diversity Action Council program.

CollectionsJan 25, 2023
Stephanie Gottlieb Announces First President, CCO Hire

Morgan P. Richardson joins from La Perla.

Policies & IssuesJan 25, 2023
PGI’s New Portal Wants to Teach You About Platinum

The new portal will share information on responsible platinum sourcing and how it’s used beyond jewelry.

SourcingJan 24, 2023
Tiffany Buys 35 of the Last Diamonds Recovered From Argyle

Purchased directly from Rio Tinto, the collection consists of pinks, purples and one red, none larger than 1.52 carats.

ColumnistsJan 24, 2023
On Data: Here’s How Independent Jewelers Did in 2022

Sherry Smith breaks down retailers’ performance last year, including how natural diamonds fared vs. lab-grown.

MajorsJan 24, 2023
WJA Announces New International Board Members

The seven newcomers include executives from David Yurman, De Beers, and GIA.

EditorsJan 23, 2023
Designers to Watch in 2023: Aurelia Demark

The designer finds the modernity in classic motifs and family heirloom jewels.

Policies & IssuesJan 23, 2023
Melanie Grant Named Executive Director of RJC

She has more than 20 years’ experience in watches and jewelry, and says sustainability is the “greatest single issue” facing the industry.

Policies & IssuesJan 23, 2023
AGTA Forms Committee to Standardize Industry ‘Sustainability’ Terms

Its focus are words like “sustainability,” “ethics,” and “responsible sourcing.”

IndependentsJan 23, 2023
10 Jewelry News Stories You Might Have Missed

Another “Designer to Watch” and Kim Kardashian’s auction purchase were among our most-read stories.

MajorsJan 20, 2023
Quality Gold Acquires Herco

Herco President Reuven Itelman is retiring and selling the company, which will relocate to Ohio from California.

Lab-GrownJan 20, 2023
Siobhán Duffy Promoted to Chief Executive of Element Six

She was previously the executive director of sales and marketing for the De Beers Group-owned company.

TrendsJan 20, 2023
Piece of the Week: Loquet London’s Lunar New Year Charm

It’s from a new collection of charms designed to go in the brand’s signature lockets.

IndependentsJan 20, 2023
Edge Retail Academy Announces Annual Award Winner

Lonnie Iannazzo of Vincent Anthony Jewelers is the 2022 William (Wag) Wagner Business Excellence Award recipient.

Lab-GrownJan 19, 2023
GIA Rolls Out Less Expensive Report for Lab-Grown Diamonds

The revised Laboratory-Grown Diamond Report-Dossier still includes the four Cs but doesn’t list growth method or post-growth treatments.

SurveysJan 19, 2023
Inflation, Rising Interest Rates Put a Damper on Holiday Sales

Holiday sales fell short of the National Retail Federation’s expectations, rising only 5 percent year-over-year.

AuctionsJan 19, 2023
Kim Kardashian Bought Princess Diana’s Amethyst Cross

The businesswoman and reality TV star paid nearly $200,000 for the “Attallah Cross.”

MajorsJan 19, 2023
Signet Names New Jared President as Executive Shuffle Continues

Luxury retail veteran Claudia Cividino has stepped into the role.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy