Grading

IGI Set to Go Public Next Week

GradingDec 11, 2024

IGI Set to Go Public Next Week

In a CNBC interview, CEO Tehmasp Printer discussed the IPO in India and what declining lab-grown diamond prices mean for the company.

Grader looking into microscope at IGI lab
The International Gemological Institute is set to begin trading in India on Dec. 20, looking to raise nearly $500 million through an initial public offering.
New York—The International Gemological Institute is one step closer to becoming a public company.

The company filed for an initial public offering (IPO) in India on Aug. 22 and is now looking to raise 42.25 billion rupees ($497 million), an increase from its initial goal of 40 billion rupees ($477 million).

IGI is expected to begin trading on Dec. 20, with IPO bids open from Dec. 13 through Dec. 17, according to a red herring prospectus filed Dec. 6.

The price ranges from 397 to 417 rupees per share with a lot size of 35 shares.

The stock would be listed on the National Stock Exchange of India and the Bombay Stock Exchange.

Private equity giant Blackstone acquired IGI in May 2023 from a subsidiary of Chinese conglomerate Fosun and former CEO Roland Lorie, paying nearly $570 million for the lab.

Blackstone had been seeking a valuation of $1.5 billion, per a Reuters report, but was in talks to take the lab as high as $3.5 billion.

This proposed IPO values IGI at around $2.1 billion.

In an interview with CNBC, IGI CEO Tehmasp Printer shared more details about the upcoming IPO.

Following the IPO, Blackstone would go from holding a 100 percent stake in the lab to having a 76 percent stake, he said.

“We are very happy to have Blackstone support us,” he said. “I believe Blackstone is committed for the next 10 years, which could also possibly be extended.”

The net proceeds from the IPO will be used for general corporate purposes and to acquire the remaining outstanding shares of IGI Belgium Group and IGI Netherlands Group from Blackstone.

“Today, we are in consolidation mode. We have taken the lead on lab-grown diamonds and we want to make IGI a global entity,” said Printer.

 Related stories will be right here … 

In the prospectus, IGI highlighted its position as the second-largest independent grading and accreditation services provider in the world, after the Gemological Institute of America, for loose stones and jewelry.

Founded by the Lorie family in Antwerp in 1975, IGI now operates 31 laboratories and 18 education facilities in diamond and jewelry centers around the world.

IGI’s share of the overall grading report market is around 33 percent, said Printer, including 20 percent natural and 13 percent lab-grown diamonds.

In India, IGI is the largest provider of these services, holding 50 percent market share, said the prospectus.

The rise in popularity of lab-grown diamonds has been partly behind its success, though its practices regarding the stones have raised some eyebrows in the industry.

As first reported by JCKOnline.com, IGI disclosed in its draft prospectus filed in August that a lot of its lab-grown diamond grading is done in the factories of the companies growing the diamonds. 

IGI gemologists, as well as employees of the diamond companies, do the grading and the diamond companies supply the equipment, a setup that, IGI acknowledged, comes with risks. 

“As certification via our in-factory and mobile laboratory setups are conducted on the premises of our customers, we may also have less oversight over third parties who have access to our customers’ premises,” the lab said in its August prospectus.  

“While we conduct quality checks and periodic calibration of our gemologists to reassess and adjust their grading techniques, such measures may not be effective in preventing all instances of grading errors or fraud by gemologists or third parties.” 

Printer was not asked about this during the CNBC interview but did discuss the growth in consumer demand for lab-grown diamonds and their falling prices.

“Our growth rate has been immense where lab-growns are concerned,” he said on CNBC. “It’s the new-age diamond. It’s the new kid on the block and we are sitting on the top of it.”

The company also benefits from “economies of scale” when grading lab-grown diamonds, he said, meaning that as the company grades more lab-grown diamonds the cost to do so decreases.

Regarding the sustainability of this revenue growth, Printer said it is sustainable due in part to the affordability of lab-grown diamonds, which has contributed to the market size “increasing rapidly,” and caught the attention of millennials and Gen Z.

Though the market size may be increasing, the declining value of lab-grown diamonds has been a cause for concern in the industry.

The decline in prices should not hurt its margins, he said, adding that prices have been stable for the last nine months or so, now at $200 to $250 per carat wholesale.

“Lab-grown manufacturers and polishers have huge [capital expenditures] and [operational expenditures]. Today, the price has stabilized to a level where I don’t think they can go any lower. Then, it becomes unsustainable,” he said.

The Latest

Sylvie Jewelry Auranova Collection Campaign Imagery
CollectionsApr 25, 2025
Sylvie Looks to Water in New Sculptural Bridal Collection

“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.

Pomellato Nudo toi et moi ring
FinancialsApr 25, 2025
Kering’s Jewelry Brands Persevere as Q1 Sales Sink 14%

Boucheron and Pomellato performed well in an otherwise bleak quarter for Kering amid struggles at Gucci.

Deborah Meyers Experience The Birds Earrings
EditorsApr 25, 2025
Piece of the Week: Deborah Meyers Experience’s ‘The Birds’ Earrings

Designer Deborah Meyers created her birds from oxidized sterling silver, rose-cut diamond eyes, and Akoya Keshi pearl feathers.

ejap cohort 1872x1052.png
Brought to you by
Emerging Jewelers Accelerator Program Announces Second Cohort of Aspiring Jewelry Entrepreneurs

Six new retail businesses were selected for the 2025 program, which began in January.

Melee diamonds from De Beers
SourcingApr 25, 2025
De Beers Sales, Production Fall in Q1 Amid Uncertainty

The company said it expects sightholders to remain “cautious” with their purchasing due to all the unknowns around the U.S. tariffs.

Weekly QuizApr 24, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
LIM-401 2024 National Jeweler Supplier Bulletin- iD100 Web and Eblast FINAL (1).jpg
Supplier BulletinApr 24, 2025
Protect Your Customers and Your Business

Sponsored by the Gemological Institute of America

Wolf CEO Simon Wolf
EditorsApr 24, 2025
Q&A: Wolf’s CEO Talks U.S. Expansion

Simon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.

gia1d100 btyb.jpg
Brought to you by
Protect Your Customers and Your Business

The risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.

Iowa jeweler Herman Ginsberg
IndependentsApr 24, 2025
Longtime Iowa Jeweler Herman Ginsberg Dies at 99

A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.

Charles & Colvard moissanite ring
FinancialsApr 24, 2025
Charles & Colvard Delisted From Nasdaq Due to Noncompliance

The company failed to file its quarterly reports in a timely manner.

Young Diamantaires
SourcingApr 24, 2025
Young Diamantaires Transition to Nonprofit

The organization also announced its board of directors.

Mined + Found "Hope" Matchbox Locket
TrendsApr 24, 2025
Amanda’s Style File: So Charming

Charms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.

Bulgari’s expanded factory in Valenza, Italy
MajorsApr 23, 2025
Bulgari Doubles Size of Jewelry Factory in Italy

Located in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.

Jason McNary accepting FGI Fine Jewelry Rising Star award for Paola Sasplugas
Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ Award

Paola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.

1999 Cosmograph Daytona, Ref.16516
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to Auction

A platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.

Carmelo Anthony and Jaylen Brown David Yurman campaign
MajorsApr 23, 2025
David Yurman’s New Campaign Stars Carmelo Anthony, Jaylen Brown

The basketball stars wear men’s jewelry from the “Curb Chain” collection.

Woman wearing Zales jewelry
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine Jewelry

The Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.

JAR Apricot Blossom bracelet
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry Collection

The 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.

National Jeweler columnist Lilian Raji
ColumnistsApr 22, 2025
The PR Adviser: Building Buzz Through Word of Mouth

Lilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.

Scottsdale Fine Jewelers store exterior
IndependentsApr 22, 2025
Brinker’s Jewelers Acquires Fellow Independent

The Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.

Cartier Exhibition Installation at Victoria & Albert Museum
Events & AwardsApr 21, 2025
An Exhibition Exploring the History of Cartier Is Now on Display

“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.

Bill and Birdie Levine of Van Cott Jewelers
IndependentsApr 21, 2025
New York Jeweler to Close After 111 Years

Van Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.

IJO Director Samantha Larson
IndependentsApr 21, 2025
IJO Names New Director of Vendor Relations, Merchandise Strategy

Industry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.

Events & AwardsApr 21, 2025
Jewelers of Louisiana, Mississippi Jewelers Association to Co-Host Convention

The two organizations will hold the educational event together this fall in Mississippi.

Daymond John
Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las Vegas

The entrepreneur and “Shark Tank” star will share his top tips for success.

Dukachi Easter Bread Pendant
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ Pendant

The Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.

Bremer Jewelry
IndependentsApr 18, 2025
Bremer Jewelry to Reveal Renovated Store

The jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.

×

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