Global private equity giant Blackstone on Sunday announced the acquisition of the International Gemological Institute (IGI) at an enterprise value of over $525 million.

IGI is headquartered in Antwerp, Belgium, but counts on India, the largest diamond polisher in the world, for a majority of its revenues and profits.

Blackstone has acquired 80 per cent stake in the company from Shanghai Yuyuan Tourist Mart (Group) Co., a subsidiary of Fosun, and the remaining from Roland Lorie,who belongs to the founding family, as per an official statement.

The company is a global leader in independent certification of diamonds, gemstones, and jewellery, with a global footprint of 29 laboratories, including 18 in India, and 18 schools of gemology across 10 countries.

“IGI has spearheaded the certification of natural diamonds, lab-grown diamonds, and coloured stones, becoming a global market leader and providing confidence to manufacturers, retailers, and consumers around the world,” IGI’s senior managing director Mukesh Mehta said.

Blackstone will be aiming to expand the company’s global footprint using its operational expertise, capabilities in technology, and global track record in building successful businesses, Mehta added.

“We are pleased to entrust Blackstone to take IGI on to its next stage of development,” Lorie, who is also the chief executive of the company, said, adding the aim is to grow the business “exponentially” from here.

“It has been our pleasure to work with Roland Lorie and the management team driving IGI’s rapid growth in the past four years. Today, IGI’s business is more diversified and solid with a more globalised landscape,” said Kevin Shikun, co-chief investment officer of Fosun.