The Chinese conglomerate is working with Deutsche Bank AG on the potential divestment of the Antwerp, Belgium-based institution. The Fosun unit that owns an 80% stake in IGI has not confirmed the news.
According to the report, Fosun is one of China’s largest non-state conglomerates with businesses including consumer, health care, property, financial services and mining. Shares of Fosun have risen about 12% this year in Hong Kong, giving the conglomerate a market value of about $7.5 billion.
Founded in 1975, IGI is one of the two main institutions that certify diamonds and other gems for their color, cut, clarity and weight. IGI operates 20 laboratories globally, grading finished jewelry, natural diamonds, lab-grown diamonds and gemstones, its website shows. It also runs 14 schools of gemology that train professionals in the diamond industry.
As per the Bloomberg report, Shanghai Yuyuan bought an 80% stake in IGI in 2018 for $108.8 million from shareholders Roland Lorie and Marc Brauner. The founding Lorie family kept the remaining 20%.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished