Blackstone Acquires International Gemological InstituteBlackstone will be aiming to expand the company's global footprint using its operational expertise, capabilities in technology, and global track record in building successful businesses

Global private equity firm Blackstone has announced that it has acquired the International Gemological Institute (IGI) from Shanghai Yuyuan Tourist Mart (Group) Co Ltd, a subsidiary of Fosun, and Roland Lorie, a member of the founding family, at an enterprise value of over $525 million.

The company is a global leader in independent certification of diamonds, gemstones, and jewellery, with a global footprint of 29 laboratories, including 18 in India, and 18 schools of gemology across 10 countries. Notably, IGI holds the distinction of being the world's first gemological laboratory to receive ISO accreditation for both natural and lab-grown diamonds. Additionally, since 2005, IGI has been at the forefront of certifying lab-grown diamonds, playing a pivotal role in establishing authenticity and standardization within this rapidly expanding industry according to a PTI report.

"IGI has spearheaded the certification of natural diamonds, lab-grown diamonds, and coloured stones, becoming a global market leader and providing confidence to manufacturers, retailers, and consumers around the world," IGI's senior managing director Mukesh Mehta reportedly said in a statement.

"Blackstone will be aiming to expand the company's global footprint using its operational expertise, capabilities in technology, and global track record in building successful businesses," Mehta further added.

"With nearly 50 years of successful operations since our company's inception, we are pleased to entrust Blackstone with taking IGI to the next stage of development. Under Blackstone's patronage, we intend to enhance our proximity to consumers and drive exponential business growth," said Roland Lorie, CEO, IGI.