Fosum, a Chinese conglomerate, announced it will acquire 80% of International Gemological Institute, through Yuyuan Inc., its holding company for the consumer sector. Fosun is one of China’s biggest investment and operating conglomerates, covering financial services, healthcare and pharmaceuticals, consumer products and real estate, energy and mining. Its portfolio includes brand names such as Fidelidade, Tsingtao Brewery, Club Med, Liberty 28 Plaza in downtown Manhattan, and many more.
IGI is headquartered in Belgium and was established in 1975. IGI is a well-known gemological training and diamond grading organization. Managed by family stakeholders since its inception, IGI has created a global diamond, gem and jewelry certification and gemological education company, serving a wide range of partners in the diamond and jewelry industry and includes a broad range of local and international diamond retailers. IGI was the first international gem grading organization to expand globally. It entered the Indian market which is now the largest diamond cutting center in the world. Today, IGI operates 23 laboratories and schools around the world.
The Lorie family will retain 20% of the ultimate economic interest in IGI. Roland Lorie has actively managed the business with his late father Marcel Lorie, and his partners Herman and Marc Brauner, and Jerry Ehrenwald. Roland Lorie will remain managing the company and help develop and implement future global growth strategies.
“The diamond and gemstone industry are growing steadily and the interest of this large conglomerate to invest in IGI shows the confidence it has in our industry. As demand for certification increases, the investment from Yuyuan of Fosun will significantly accelerate our core business, offering and presenting many new opportunities all over the globe,” said Roland Lorié, IGI CEO. “By combining our resources, we are more equipped than ever to continue to provide consumers and retailers with the information and assurance they need to navigate their jewelry buying decisions.”
In addition to evaluating gemstone and diamond jewelry, the Institute is known for its School of Gemology, which offers educational services and includes courses in polished diamonds, rough diamonds, colored stones, pearls and retail support.
“We are very happy to start this partnership with IGI, which provides us a unique opportunity to work with the diamond community around the world,” says Xu Xiaoliang, who is the Executive Director and co-President of Fosun, and also Chairman of Yuyuan Inc. “IGI has built great fundamentals and human capital over the years, with highly respected expertise and input from both the Lorie and Brauner families. We believe IGI is well positioned to bring its gemological knowledge and expertise to emerging markets, including China. We are happy to be part of the future growth of IGI at this exciting stage of the industry’s development.”
