Fosun, a Chinese conglomerate, has reportedly agreed to acquire an 80 per cent stake in the International Gemological Institute (IGI). Fosun is keen to bring IGI’s diamond grading expertise to the Chinese market.

Belgium-based IGI is one of the two main organisations that certify diamonds and others gems for their cut, colour, clarity and weight. IGI operates 23 laboratories and schools globally.

Fosun will acquire the stake through Yuyuan, its holding entity for the consumer sector.

The founding Lorie family will retain 20 per cent of the economic interest in IGI. Roland Lorie, CEO,  IGI has been actively managing the business  together with his late father Marcel Lorie and his successive partners Herman, Marc Brauner and Jerry Ehrenwald. Roland Lorie will remain managing the company and help develop and implement future global growth strategies. IGI’s co-chief executive Marc Brauner will leave the group after thirty years, IGI said.

“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,” Xu Xiaoliang, the co-President of Fosun was quoted by a news report. “We believe IGI is well positioned to bring its gemological knowledge and expertise to emerging markets, including China,” he added.