Grading

Chinese Conglomerate Acquires the International Gemological Institute

GradingSep 13, 2018

Chinese Conglomerate Acquires the International Gemological Institute

Fosun, which made a bid for Gemfields last year, now owns an 80 percent stake in the diamond grading lab.

20180913_IGI-NEW.jpg
Chinese conglomerate Fosun now owns 80 percent of diamond grading lab International Gemological Institute.

Belgium—Chinese international conglomerate and investment company Fosun will acquire an 80 percent stake in the International Gemological Institute.

Terms of the deal were not disclosed. It is being done through Yuyuan Inc., Fosun’s holding company for the consumer sector.

Belgium-headquartered diamond grading lab and gem training center IGI has been managed by family stakeholders since its establishment in 1975.

It claims to be the first international gem grading organization to expand globally and, in particular, to enter India. It currently operates 23 laboratories and schools around the world.

The Lorie family will retain 20 percent of the company.

Roland Lorie has managed the business with his late father and lab co-founder, Marcel Lorie, as well as co-CEOs Herman and Marc Brauner and Jerry Ehrenwald. He will remain with the company after the deal closes, helping develop and implement global growth strategies.

Ehrenwald also will stay on at this time.

Herman Brauner left his role with IGI a few years ago, according to the lab. Marc Brauner, meanwhile, will resign, along with his eldest son, Youry.

Brauner, son of IGI co-founder Herman “Zwi” Brauner, joined the lab after four years as a diamond polisher and four years of gem trading. A certified gemologist, he has been driving the business’ strategic initiatives across the world over the past 15 years as well as presiding over its development in the Asia-Pacific region.

“At a time of industry challenges, partnering with a well-funded and visionary group such as Fosun can be considered the crowning achievement of my career with IGI, and will uniquely position IGI for a bright future,” he said. “I will always fondly remember my years of service in the family enterprise; it grew into a global leader in its field while always remaining, both for its clients and employees, a human-focused business where relationships mattered.”

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.

The company has shown interest in the gem and jewelry trade before.

Last year, Fosun made a bid for Gemfields while the colored gemstone miner’s biggest stakeholder, Pallinghurst, also was making a play for full control of it.

Fosun also is a stakeholder in Greek jewelry company Folli Follie.

“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 Fosun Executive Director and co-President Xu Xiaoliang.

“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.”
Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

The Latest

Future Fortune sapphire ring
TechnologyMar 28, 2024
Pinterest’s 2024 Wedding Report Is Out

The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.

David Ettinger
IndependentsMar 28, 2024
David Ettinger of Bechdel Jewelers Dies at 69

He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.

Jewelers of America logo
IndependentsMar 28, 2024
JA to Host Series of Learning Workshops

The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.

Jewelers of America Fly In Washington, D.C.
Brought to you by
How Jewelers of America Represents Your Business

For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.

Jaeger-LeCoultre Madison Avenue NYC store
WatchesMar 28, 2024
Peek Inside Jaeger-LeCoultre’s Revamped NYC Flagship

The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.

Weekly QuizMar 28, 2024
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
Asian Star’s diamond manufacturing facility in India
SourcingMar 27, 2024
Compliance, Caution, and Concern: The Current Outlook of Indian Diamantaires

There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.

Kira Diam solar plant
Lab-GrownMar 27, 2024
Indian Lab-Grown Diamond Manufacturers Keep Growing

A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.

BTYB-HoBrothers-updated.png
Brought to you by
The Scalable, Professional, and Effortless Solution for High-Demand Custom Jewelry Retailers

Ho Brothers offers scalable solutions for the future of custom jewelry.

Bharat Ratnam, a Mega Common Facilitation Centre (CFC)
SourcingMar 27, 2024
Reinvigorating SEEPZ, the Epicenter of India’s Studded Jewelry Exports

The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.

SRK Empire and SRK House
Policies & IssuesMar 27, 2024
SRK Exports’ Journey Toward Net Zero Impact

By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.

Georgia May Jagger Tommy Hilfiger ad campaign
FinancialsMar 27, 2024
Movado’s Full-Year Sales Sink 11%

The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.

Hand holding shopping bags
SurveysMar 27, 2024
Consumer Confidence Held Steady in March

Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.

Bernadette Mack
Policies & IssuesMar 27, 2024
Mercury Free Mining Hires Bernadette Mack

The former WJA executive director is MFM’s new managing director.

April Is Diamonds Do Good Month
Policies & IssuesMar 27, 2024
Diamonds Do Good Announces Its April Initiative

DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.

Tiffany & Co. With Love, Since 1837
MajorsMar 26, 2024
Tiffany & Co. Debuts ‘With Love, Since 1837’ Campaign

Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.

National Jeweler columnists Duvall O’Steen and Jen Cullen Williams
ColumnistsMar 26, 2024
Creative Connecting: AI Tools and Tips for Social Media

Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.

Nordstrom Men’s Store New York City
MajorsMar 26, 2024
Nordstrom May Go Private, Says Report

The retailer previously turned down an $8.4 billion offer in 2018.

Interior of Miami Lakes Jewelers
IndependentsMar 26, 2024
Miami Lakes Jewelers to Close After 37 Years

The Florida store’s owner Miguel Gonzalez is retiring.

Kendra Scott lab-grown diamond jewelry
CollectionsMar 25, 2024
Kendra Scott Debuts Lab-Grown Diamond Fashion Jewelry

The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.

Instappraise logo NAJA logo
Events & AwardsMar 25, 2024
NAJA, Instappraise Offering Scholarships for Aspiring Jewelry Appraisers

One is reserved for a NAJA member, the other for a non-member.

Carie Lehrke and Megan Mattice
MajorsMar 25, 2024
Borsheims Announces New VP of HR, Assistant Manager

Longtime employees Carie Lehrke and Megan Mattice have received promotions.

My Next Question graphic vintage jewelry webinar
Recorded WebinarsMar 22, 2024
Watch: How to Buy and Sell Vintage Jewelry

Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.

Chris Clipper and Robert Lepere
MajorsMar 22, 2024
David Yurman Announces New CFO, Chief People Officer

Chris Clipper and Robert Lepere join the company with 50 years of combined experience.

Nakard pyrite earrings
CollectionsMar 22, 2024
Piece of the Week: Nakard’s Pyrite Earrings

The trendy, metallic earrings wink at classic spring colors.

Stock image of police cars with their lights on
CrimeMar 21, 2024
Sparks Fly as Burglars Lose Safe on California Freeway

JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.

Grizzly Mining rough emeralds
SourcingMar 21, 2024
Grizzly Sells 4,145-Carat Emerald for Over $1M

The miner’s March auction generated $19 million.

Helen McCluskey
MajorsMar 21, 2024
Signet Jewelers Names New Board Chair

Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy