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
CollectionsMar 12, 2026
Jessica McCormack Sends Gold, Gemstones Into ‘Orbit’McCormack looked to the 19th century’s “golden age” of astronomy when designing her new celestial-themed collection.
Events & AwardsMar 12, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on Friday.
TechnologyMar 12, 2026
Caratwise Launches, Names Former Signet Exec CEO The new smart design software allows jewelers to configure, price, and confirm a custom engagement ring in real time for in-store customers.
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.
SourcingMar 12, 2026
Grandview Klein Opens New Factory in South Africa The 10,000-square-foot diamond manufacturing facility officially opened in late February and employs 50 people.
Weekly QuizMar 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsMar 12, 2026
MJSA ‘Future of Jewelry Making’ Scholarship Applications OpenThe MJSA Education Foundation’s scholarships support students pursuing jewelry careers.
AuctionsMar 11, 2026
‘Spectacular’ 26-Carat Diamond Going Up for Auction in London The largest white diamond to come to market in the U.K. in more than a decade, the VVS1, I-color stone is expected to top $1 million.
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.
TechnologyMar 11, 2026
Cast Jewelry’s Rachel Skelly on Coming Back Online Only Skelly shares her plans for reimagining the fine jewelry retailer she re-acquired after it faltered last year.
CollectionsMar 11, 2026
Pyrrha Highlights ‘The Space Between’ In New CollectionThe collection takes inspiration from the emotional space between people, moments, and experiences.
IndependentsMar 11, 2026
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer is celebrating a milestone only a small percentage of family-owned businesses survive to see.
IndependentsMar 11, 2026
Virginia Jewelers Raise Nearly $30K for Children’s HospitalThe group of jewelers held a jewelry raffle in support of the Children’s Hospital of Richmond at VCU.
FinancialsMar 10, 2026
Signet Jewelers’ Q4 Sales Fall Flat The jewelry giant released preliminary results for the fourth quarter and full year on Monday, with final results slated to come next week.
MajorsMar 10, 2026
Saks Global to Close 15 More StoresThe retailer also gave an update on its vendor partnerships.
TrendsMar 10, 2026
Messika Names Julianne Moore as AmbassadorThe award-winning actress is the “epitome of modern allure,” the brand said.
CollectionsMar 10, 2026
Gemstones ‘Bloom’ in Sorellina’s New CollectionThe “Bloom” collection draws from the flower power movement of the 1960s and ‘70s with inlay pendants offered in eight colorways.
Events & AwardsMar 10, 2026
Diamond-Studded Painting Shines at RJO Foundation AuctionThe unique piece was one of the custom works offered at the foundation's recent silent art auction, which garnered nearly $15,000 in total.
TrendsMar 09, 2026
Jake Gyllenhaal Is Bulgari’s Latest AmbassadorBulgari named Gyllenhaal as its brand ambassador for his embodiment of artistic depth, intellectual curiosity, and warmth.
Events & AwardsMar 09, 2026
TJS Announces 2026 Scholarship WinnersAwards were given to four students, one apprentice, and an emerging jeweler.
AuctionsMar 09, 2026
Joanna Carson’s Jewels Lead White-Glove SaleThe top jewelry lot of the late model’s estate sale, hosted by John Moran Auctioneers, was an Oscar Heyman & Brothers for Cartier necklace.
Lab-GrownMar 06, 2026
Charles & Colvard Files for Bankruptcy, Citing Price PressuresIncreased competition, falling lab-grown diamond and moissanite prices, and the rising cost of gold took a toll on the moissanite maker.
CollectionsMar 06, 2026
Zome’s ‘Solara’ Earrings Embody Celestial BeautyThe earrings, our Piece of the Week, feature pink tourmalines as planets orbiting around an aquamarine center set in 18-karat rose gold.
MajorsMar 06, 2026
Pomellato’s 2026 IWD Campaign Spotlights Economic Abuse“The Price of Freedom” campaign video for International Women’s Day confronts the quiet violence of financial control.
Policies & IssuesMar 05, 2026
Tariffs to Increase to 15% This Week, Treasury Secretary Says Also, a federal judge has ordered that companies that paid tariffs implemented under the IEEPA are entitled to refunds.
CollectionsMar 05, 2026
Common Era Honors ‘Difficult Women’ in CollectionThe ever-growing collection, which just expanded with the addition of Olga of Kyiv, features cameos of 12 women from history.
TrendsMar 05, 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.
Events & AwardsMar 05, 2026
AGS Announces Conclave 2026 Speaker LineupThe annual event will be held in Orlando, Florida, from Sept. 14-17.
