GradingApr 10, 2023
GIA Is Going Back to Paper ReportsGradingMay 22, 2023
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.
Private equity firm Blackstone has acquired the International Gemological Institute, which operates 29 grading labs and 18 gemology schools across 10 countries.
New York—Private equity giant Blackstone has acquired the International Gemological Institute, the two companies confirmed Sunday in a joint announcement.
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.
Related stories will be right here …
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.
Editors' Picks
Sponsored by
More on Grading
The Latest
IndependentsApr 01, 2025
Bergman Jewelers in Omaha Closing After 137 YearsThe independent jeweler first opened its doors in 1888.
MajorsApr 01, 2025
QVC Group to Cut 900 Jobs in the U.S.The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in FloridaThe debut event will take place in Miami’s Coconut Grove neighborhood this fall.
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They DeserveBench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor ShortageThe roundtable will take place May 17 ahead of the trade show’s welcome dinner.
Weekly QuizMar 27, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry CollectionThe “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.
Recorded WebinarsMar 31, 2025
Watch: What Do We Mean When We Say ‘Recycled’ Gold?Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.
Brought to you by
Natural Diamonds Should Mean MoreNatural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.
TrendsMar 31, 2025
Amanda’s Style File: Dripping in DiamondsDiamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With AcquisitionThe Utah-based company known for making wedding bands has acquired Doubloon Golf.
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH WatchesThe longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry StoreAuthorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.
SourcingMar 28, 2025
19th-Century Jade Book Now Available in EnglishLotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ RingThe ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.
SurveysMar 27, 2025
Consumer Confidence Falls in March Amid ‘Gloomy’ OutlookThe Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.
AuctionsMar 27, 2025
300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand AmbassadorThe Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.
SourcingMar 27, 2025
Susan Jacques, Gaetano Cavalieri to Headline 2025 ICA Congress The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.
IndependentsMar 26, 2025
Bailey’s Fine Jewelry Acquires Fellow NC Independent JewelerThe family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.
WatchesMar 26, 2025
Bulova Celebrates 150th Anniversary With Art Deco WatchesThe “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.
MajorsMar 26, 2025
QVC Group Appoints New PresidentAlex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.
Events & AwardsMar 26, 2025
Jewelers of America Announces New Funding Initiative The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.
AuctionsMar 25, 2025
Christie’s To Auction 35-Carat Sapphire, 13-Carat RubyThe ruby and the sapphire, which Christie’s calls a “once-in-a-generation masterpiece,” are part of the upcoming Hong Kong jewelry auction.
CrimeMar 25, 2025
Tiffany & Co. Earrings Swallowed Following Grab-and-Run Theft RecoveredThe two pairs of earrings, snatched from a Tiffany & Co. store in Orlando, Florida, are valued at a combined $769,500.
ColumnistsMar 25, 2025
The Smart Lab: Using Short-Form Videos to Sell More JewelryThe time to start experimenting with video content is now, writes columnist Emmanuel Raheb.
CollectionsMar 24, 2025
Pomellato’s Latest ‘Nudo’ Collections Revamp its Classic DesignFrom striking high jewelry to miniature fine jewelry, the new chapter continues to highlight gemstones featuring its signature 57-facet cut.
MajorsMar 24, 2025
4 Top Executives to Depart Signet Jewelers Amid TurnaroundThe jewelry giant is reducing its senior leadership by 30 percent as part of its new turnaround strategy.
