Chinese Conglomerate "Could Sell IGI Labs"
January 15, 23
(IDEX Online) - Chinese owners of IGI (International Gemological Institute) are reportedly considering a sale of the network of 20 diamond grading labs, in a move that would value it at $215m.
Fosun International Ltd, one of China's first enterprises to develop overseas market, is seeking to shed a total of $11 bn of assets in a move aimed at boosting investor confidence, according to Bloomberg News.
Among those assets is the IGI which describes itself as "the global authority in diamond, gemstone and jewelry grading" and which has 14 schools of gemology in addition to the grading labs.
Fosun bought an 80 per cent stake in IGI in September 2018 for $108.8 million. Roland Lorie, whose father Marcel founded the company in Antwerp in 1975 remained at the helm and retained a 20 per cent stake.
The Fosun conglomerate, backed by Guo Guangchang, one of China's richest men, is said to be in talks with Deutsche Bank AG about a possible IGI sell-off, according to unnamed sources cited by Bloomberg.
Pic courtsey IGI