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Global private equity firm Blackstone has acquired 100% stake in International Gemological Institute (IGI) from China-based investment firm Roland Lorie and Fosun, who belongs to the founding family, the firm said in a statement.
IGI is the largest certification player globally for lab grown diamonds and second largest certification player globally for natural diamonds.
While 20% of the stake was held by Roland Lorie, 80% was held by Fosun. The institution was valued at $535 million for the deal.
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IGI was founded in 1975 in Antwerp, and it has grown to be an international player with 29 laboratories, 18 schools of gemology across 10 countries. It is also the world’s first gemological institution to hold ISO certification in both natural and lab-grown diamonds. This accreditation meant the stamp of authentication and standardization which allows it to have rapid growth.
According to industry experts, the global lab grown diamonds retail market currently stands at $7 billion and has grown at 15% CAGR over CY19-22. The global natural diamond jewellery retail sales are pegged at around $80 billion which is growing at a rate of 3% CAGR. Out of this, around 90% of diamonds are polished in India.
