Blackstone Officially Inks Deal to Acquire IGI
Blackstone is buying the 80 percent stake in the lab owned by a Chinese company as well as the 20 percent held by the Lorie family.

The purchase price was $569.7 million, according to a separate statement issued by the lab’s majority owner, a Fosun subsidiary.
Blackstone purchased the grading lab from Shanghai Yuyuan Tourist Mart (Group) Co. Ltd., a subsidiary of Chinese conglomerate Fosun, and Roland Lorie, IGI’s CEO and a member of the founding family.
Fosun acquired an 80 percent stake in the business in 2018, while the remaining 20 percent stayed with its founders, the Belgium-based Lorie family.
The family founded IGI in Antwerp in 1975. It now operates 29 grading labs and 18 gemology schools across 10 countries.
Rumors that Fosun, which is working to reduce debt, wanted to offload its stake in the business first began circulating in January.
Lorie said, “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.
“Under the patronage of Blackstone, we intend to get even closer to the consumer and to grow the business exponentially. The company’s management team is excited to welcome Blackstone and further cement and build upon our market-leading position with the help of Blackstone’s scale, expertise and global network.”
Lorie will remain CEO, he said, while the management team and its nearly 1,000 employees also will remain in place.
Haide Hong, a senior managing director in Blackstone Private Equity Group, said the company has been impressed by IGI’s development under its current management.
“With its strong brand and reputation of upholding the highest standards of quality and authenticity, IGI is well-positioned to benefit from the increasing popularity of gemology,” Hong said.
The acquisition news follows other recent mergers and acquisitions among the industry’s grading labs.
Earlier this month, Israel-based equipment and technology company Sarine completed its acquisition of a majority stake in the Gem Certification and Assurance Laboratory (GCAL), founded by Don and Pamela Palmieri in 2001.
In October 2022, 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.
The Latest

Smith recalls a bit of wisdom the industry leader, who died last week, shared at a diamond conference years ago.

The “Victoria” necklace features a labradorite hugged by diamond accents in 18-karat yellow gold.

Two lower courts have moved to block the import taxes, which will remain in place as the legal battle continues.

With their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.

The Kansas City Chiefs quarterback shares Hublot’s dedication to pursuing greatness, the Swiss watchmaker said.


The Type IIa stone, recovered from Botswana’s Karowe diamond mine last month, features unique coloration.

Jewelers of America is leading the charge to protect the industry amidst rising economic threats.

From sunrise yoga to tariffs talks, these are some events to check out at the upcoming inaugural event.

Breitling is now the NFL’s official timepiece partner, a move that puts the brand in front of the millions of Americans who watch football.

NYCJAOS is set for Nov. 21-23 in New York City’s Chelsea neighborhood.

U.S.-based investment company SMG Capital LLC is the new owner of the luxury brand.

A new court filing details the locations of the stores that will close, as well as the 830 that will remain open.

The new catalogs are “Tools, Equipment, & Metals” and “Findings & Metals.”

Sapphire’s variety of colors make it the perfect birthstone for September.

The retailer has raised its guidance after seeing total sales increase 3 percent in the second quarter, beating expectations.

Niccolò Rossi di Montelera, executive chairman of the board, was appointed as interim CEO.

The three-floor space also features the jeweler’s largest VIP salon in Japan and offers an exclusive diamond pendant.

The collection is a collaboration between Stephanie Gottlieb Fine Jewelry and Oak and Luna, focusing on understated essentials.

The highlight of a single-owner jewelry and watch collection, it’s estimated to fetch up to $7 million at auction this December.

CEO Efraim Grinberg noted a resurgence in the fashion watch market.

The “Bullseye” necklace, with vintage bakelite and peridot, August’s birthstone, is the perfect transitional piece as summer turns to fall.

Sponsored by Clientbook

President Duma Boko addressed the country’s medical supply chain crisis in a recent televised address.

Former Free People buyer Afton Robertson-Kanne recently joined the retailer.

The jeweler teamed up with two local organizations for its inaugural “Back to School and Bling” event.

The singer’s new bling, reportedly a natural old mine-cut diamond, is no paper ring.