SourcingOct 04, 2024
How India Became the World’s Second-Largest Market for Diamond Jewelry 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.
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 …
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.
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.
More on Grading
The Latest
CrimeFeb 27, 2026
Man Charged in Murders of Father, Son Jewelers in ChicagoChicago police and members of the U.S. Marshals Service tracked down the 35-year-old suspect earlier this week in St. Louis.
SourcingFeb 27, 2026
South African Diamond Mine Closes Amid Search for Missing WorkersOwners of the Ekapa Mine reportedly filed for liquidation about a week after a mudslide trapped five workers who have yet to be found.
MajorsFeb 27, 2026
Jewelers Mutual to Donate $10M to Savannah College of Art and DesignA 10-year alliance has also begun to address the shortage of bench jewelers through scholarships, enhanced programs, and updated equipment.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
CollectionsFeb 27, 2026
Renato Cipullo Turns Gold into HardstonesThe “Splendente” collection has evolved to feature hardstone letter pendants, including our Piece of the Week, the onyx “R.”
Weekly QuizFeb 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsFeb 26, 2026
Noonans to Auction Lady Wardington’s JewelryThe jewelry collection belonged to “one of society's most glamorous and beautiful women of the mid-20th century,” said the auction house.
SourcingFeb 26, 2026
Anglo American CEO Gives Insight Into De Beers SaleThe update came as Anglo took its third write-down on the diamond miner and marketer, which lost more than $500 million in 2025.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
ColumnistsFeb 26, 2026
Practical Ways Jewelers Can Leverage AI in 2026Emmanuel Raheb discusses the rise of “GEO” and the importance of having well-written, quality content on your website.
CrimeFeb 26, 2026
Three Sentenced in California Jewelry HeistEach received around four years for burglarizing a jewelry store and a coffee shop in Simi Valley, California, last May.
Events & AwardsFeb 26, 2026
GIA Names 2026 Jewelry Design Contest Winner, Retires Annual AwardCatherine Aulick, a GIA graduate, received the ninth and final Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design.
TrendsFeb 25, 2026
Engagement Ring Trends 2026: What’s In, and WhyWe asked a jewelry historian, designer, bridal director, and wedding expert what’s trending in engagement rings. Here’s what they said.
SourcingFeb 25, 2026
7 Trends That Could Define the Diamond Industry’s FutureExperts from India weigh in the politics, policies, and market dynamics for diamantaires to monitor in 2026 and beyond.
EditorsFeb 25, 2026
Q&A: Brilliant Earth’s CEO on the New Beverly Hills StoreBeth Gerstein discusses the vibe of the new store, what customers want when fine jewelry shopping today, and the details of “Date Night.”
PodcastsFeb 25, 2026
Episode 2: Jewelry Trends & Does the Red Carpet Matter?Are arm bands poised to make a comeback? Has red-carpet jewelry become boring? Find out on the second episode of the “My Next Question” podcast.
WatchesFeb 25, 2026
Private Equity Firms Write Down Value of Breitling, Report SaysThe Swiss watchmaker is battling declining sales amid a rapid retail expansion, according to a Financial Times report.
CollectionsFeb 25, 2026
Rahaminov Diamonds’ New Campaign Honors Its MatriarchThe campaign celebrates Giustina Pavanello Rahaminov, the co-founder’s wife and matriarch of the family-owned brand, for her 88th birthday.
IndependentsFeb 25, 2026
Borsheims Names 2025 ‘Ike-It’ Award WinnerRachel Bennett, a senior jeweler who has been with Borsheims since 2004, earned the award.
Policies & IssuesFeb 24, 2026
IEEPA Tariffs Terminated, New 10% Tariff Already ImposedAfter the Supreme Court struck down the IEEPA tariffs, President Trump imposed a 10 percent tax on almost all imports via a different law.
IndependentsFeb 24, 2026
Sherry Smith Now Principal Partner at The Retail SmithsThe industry veteran, who was with The Edge Retail Academy for 14 years, joins her husband at the company he founded in 2022.
IndependentsFeb 24, 2026
Yafa Signed Jewels to Open Store in MiamiThe vintage signed jewelry retailer chose Miami due to growing client demand in the city and the greater Latin American region.
WatchesFeb 24, 2026
Chrono24 Names New VP, U.S. General ManagerFormer Flight Club executive Jin Lee will bring his experience from the sneaker world to the pre-owned watch marketplace.
SourcingFeb 23, 2026
Designer Eddie Sakamoto, a Humble Artist, Dies at 72Sakamoto, who died in mid-January following a sudden illness, is remembered for his humility and his masterful, architectural designs.
Events & AwardsFeb 23, 2026
NYCJAOS Announces Four-Day Spring ShowThe April event will feature a new VIP shopping day requiring a special ticket.
TrendsFeb 23, 2026
Dua Lipa Is Bulgari’s New AmbassadorBulgari chose the British-Albanian singer-songwriter for her powerful and enduring voice in contemporary culture, the jeweler said.
Policies & IssuesFeb 20, 2026
Supreme Court Rules Against Most of President Trump’s TariffsIn a 6-3 ruling, the court said the president exceeded his authority when imposing sweeping tariffs under IEEPA.
ColumnistsFeb 20, 2026
Peter Smith: Happiness, Cavemen, and Jewelry SalesSmith encourages salespeople to ask customers questions that elicit the release of oxytocin, the brain’s “feel-good” chemical.
