MUMBAI (Reuters) – Personal fairness large Blackstone (NYSE:) Inc stated it has absolutely acquired the jewelry certification agency Worldwide Gemological Institute (IGI) from China’s Fosun and the corporate’s founding household.

Blackstone acquired IGI- whose majority income and income come from India- for about $530 million, stated an individual with direct data of the matter.

The assertion stated it had bought an 80% stake from Fosun and 20% from the Lorie household.

Blackstone declined to touch upon the valuation.

Based practically 50 years in the past by the late Marcel Lorie, IGI has 29 laboratories and 18 faculties of gemology in 10 international locations. The vast majority of the laboratories are in India.

India’s jewelry market was price is $78.5 billion within the 2021 monetary 12 months and its one of many world’s largest, although a good portion goes for export.

“IGI has spearheaded the certification of pure diamonds, lab-grown diamonds, and coloured stones, turning into a world market chief and offering confidence to producers, retailers, and shoppers around the globe,” stated Mukesh Mehta, a Senior Managing Director in Blackstone Personal Fairness Group.