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

This year’s Design Atelier is full of gems.

They’re a testament to the power of excellent design.

This year’s honorees include one of Florida’s largest independent jewelers and two multi-store independents in the Chicago and New York areas.

The most trusted diamond report, available in print or the GIA App.

The industry’s most influential contemporary designers are showcasing their latest jewelry designs.


Created by Maitri Lab-Grown Diamonds and graded by IGI, it’s slightly bigger than the record-setting lab-grown diamond GIA just examined.

The marketing agency has integrated its first C-suite.

Navigate origin determination with Continuing Education seminars offered by the GIA Alumni Collective™.

The jewelry trade show also will debut educational content centered around social media.

Luxury kicks off today, with the full show in swing on Friday.

One 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.

Rob Ballew will be tasked with communicating the jewelry giant’s plans and financial performance to investors.

With the app, customers receive a 15-day insurance offer on new purchases while their coverage needs are being evaluated.

It is in House of Showfields, a bazaar-style retail space in the borough’s Williamsburg neighborhood.

From consumer trends to retail technology, these are the JCK Talks sessions that should be on attendees’ radar.

Signature pieces from Cartier and David Webb will appear in the June jewelry auction.

They will be celebrated at the annual dinner dance and gala in the fall.

Supplier Spotlight Sponsored by IGI

Watch retailers Jeffery Bolling and Bobby Bengivengo discuss employee training, customer education and the sticky subject of future value.

The company has plans to revamp the Movado brand and offer less expensive watches this year.

Set with a 118-carat unheated Sri Lankan sapphire, it just sold for $3.4 million at Phillips jewelry auction in Hong Kong.

Sponsored by Noam Carver

As cybercrime incidents threaten the industry, jewelers need to know what they’re up against and the best ways to protect their businesses.

The Pittsburgh jeweler is redoing the lighting and showcases, and adding a full hospitality bar as well as new shop-in-shops.

The Yurman Family Crystalline Pass is inside the museum’s brand-new Richard Gilder Center.

Zale has more than 40 years’ experience in the diamond industry, including 17 years as Stuller’s VP of diamonds and gemstones procurement.

The Strip is full of new restaurant and entertainment offerings.