International Gemological Institute Purchased by Chinese Company
September 12, 2018 by Rob Bates
"Chinese conglomerate Fosun International Ltd. has acquired 80 percent of diamond grading lab International Gemological Institute (IGI).
Terms were not disclosed. The transaction was done through Yuyuan Inc., Fosun’s holding company for the consumer sector.
The Lorie family will control 20 percent of the company, and current CEO Ronald Lorie will continue to manage the business. Roland is son of lab cofounder Marcel.
Jerry Ehrenwald, who has long headed the lab’s New York City office, tells JCK he will “remain for now.”
Once the transaction is finished, Marc Brauner, who has served as co-CEO, will step down from the company, along with son Youry. At one point, Brauner was engaged in litigation against other IGI shareholders, which has since been settled.
For a long time, IGI was known for grading reports for mass marketers. It has since become a leading grader of ... "
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