International Gemological Institute Limited (IGI) is a gemological organization that provides grading and certification services for diamonds, gemstones and jewellery. IGI was founded in Antwerp, Belgium, in 1975 by Marcel Lorié.
The organization operates gemological laboratories and Schools of Gemology and provides grading and certification services for natural diamonds, laboratory-grown diamonds, coloured gemstones and finished jewellery.
The Indian listed company that forms part of the IGI group was incorporated in Mumbai on 23 February 1999 as International Gemmological Institute (India) Private Limited. It was converted into a public limited company in July 2024 and subsequently changed its name to International Gemological Institute Limited in April 2026.
History
Foundation
IGI was founded in Antwerp in 1975 by Marcel Lorié. His son, Roland Lorié, subsequently became chief executive officer and headed the organization for many years.
During its development, IGI expanded from Belgium into major international diamond and jewellery centres. The organization established laboratories and Schools of Gemology and developed services for diamond and gemstone identification and grading.
Expansion
Between 1975 and 2000, IGI expanded its laboratory and educational activities into additional markets, including India and Thailand. The organization also introduced diamond and jewellery identification reports and developed systems for diamond inscription and security features for grading reports.
From 2000 onward, IGI expanded its laboratory and educational network in Asia and the Middle East and developed grading and screening services for both natural and laboratory-grown diamonds.
India
India became a major market for IGI. The organization established laboratories in several Indian diamond and jewellery centres, including Mumbai and Surat. In April 2010, IGI opened a laboratory in Surat, one of the world's major centres for diamond cutting and polishing.
The Indian operations were subsequently organized under International Gemmological Institute (India) Limited. The company became publicly listed in India in December 2024.
Laboratory-grown diamonds
IGI developed grading services for laboratory-grown diamonds as the production and trade of laboratory-grown diamonds expanded. The organization's timeline states that it analyzed and graded some of the first gem-quality laboratory-grown diamonds.
In its 2024 IPO prospectus, IGI estimated that it accounted for approximately 65% of the global laboratory-grown diamond certification market and approximately 33% of the global grading-report market. These figures were based on industry research cited in the prospectus.
Ownership
In 2018, Shanghai Yuyuan Tourist Mart, a subsidiary of Fosun International, acquired an 80% stake in IGI. The remaining 20% was held by the Lorie family.
On 21 May 2023, Blackstone Inc. announced the acquisition of IGI from Fosun and the Lorie family. The buyer was BCP Asia II Topco Pte. Ltd., a Singapore company wholly owned by a private equity investment fund controlled by Blackstone. The transaction was valued at approximately US$569.65 million.
Initial public offering
In August 2024, International Gemmological Institute (India) Limited filed for an initial public offering in India. The prospectus described IGI as the world's second-largest independent certification and accreditation services provider by revenue. It reported that the group operated 31 laboratories and 18 Schools of Gemology across 10 countries at the time.
The company's shares were listed on the Bombay Stock Exchange and the National Stock Exchange of India on 20 December 2024. They trade under the symbol IGIL, with BSE security code 544311.
Operations
IGI provides grading and certification services for natural diamonds, laboratory-grown diamonds, coloured gemstones and finished jewellery. Its services include diamond grading reports, coloured-stone reports, jewellery identification reports, appraisal services, authentication and laser inscription.
IGI also operates Schools of Gemology offering professional education in gemology and related subjects.
As of 2024, IGI reported 31 laboratories and 18 Schools of Gemology in 10 countries. By 2026, the organization's website reported 37 laboratories and 21 schools in 10 countries.
The company's principal business segment is certification of diamonds, gemstones and jewellery and related education.
Market position
In its 2024 IPO prospectus, IGI described itself as the world's second-largest independent certification and accreditation services provider by revenue. The company estimated its share of the global grading-report market at approximately 33% and its share of laboratory-grown diamond certification at approximately 65%.
These market-share figures are company-reported estimates based on industry research cited in the IPO prospectus and are not presented here as an independently established ranking of all gemological laboratories.
Acquisition of American Gemological Laboratories
On 31 January 2026, IGI announced the acquisition of American Gemological Laboratories (AGL), a United States-based laboratory specializing in coloured gemstone analysis, origin determination and scientific reporting. AGL was founded in 1977 and is based in New York.
The transaction was structured as a cash acquisition for US$9 million, according to an exchange filing by International Gemological Institute Limited.
References
External links