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Chinese Company Buys 80% of the International Gemological Institute (IGI) for 108.8 Million Dollars

Here in the Philippines, we often hear about China's rapid expanse into many trade sectors and industries. The current worldwide setting doesn't seem to differ much in terms of our own industry as well. Recently a Chinese company called Shanghai Yuyuan Tourist Mart, a division of Shanghai-based Fosun Group, had just acquired the majority ownership (80%) of IGI.

IGI or the International Gemological Institute has long been revered as one of the top 4 gemological institutions in the world, with branches spanning across several countries. What does this partnership / acquisition mean for the gemstone and diamond industry? Is China making new headway into the realm of gemological sciences?

IGI and GIA both offer a graduate gemologist education path. We likewise do not yet know what the former's plans are regarding the topic of academics and learning, or any changes that may take place within their proprietary system. With a strong foothold in the industry of evaluating gemstones, a lot of people in the west depend on IGI for their jewelry-verification procedures.

(Photography Image Credit to IGI & Fosun Group)

We remain neutral towards this news, but- with regards to China's foray into gemology, we hope it will be met with good ethics and proper disclosure (transparency). The overall collaborative development of the science and its research programs, may benefit all laboratories around the world.

In the country, Gemcamp Laboratories provide gemstone grading and identification services similar to how many of these labs operate in other countries. Our gemologists however, completed their studies at GIA, rather than IGI, but are still familiar with the latter's contribution to the global gemological field.
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