HRD Antwerp Receives Two Takeover Bids

RAPAPORT... The International Gemological Institute (IGI) and industry veteran Peter Meeus have put in rival bids to acquire HRD Antwerp.Meeus, HRD's former managing director, lastweek submitted a proposal to buy at least 51% of the lab in partnership withtwo unnamed individuals, he told Rapaport News Wednesday. IGI also placed a bid for thelab in the past two or three months, sources said."Although HRD has phenomenally lost its market share, thebrand awareness is still there, especially in the Middle East, and also inIndia and Asia," said Meeus, who headed HRD from 1999 to 2005. "With the wholeissue of synthetics, it is my strong belief that once the consumer starts toknow about it, all natural diamonds will be sold with a certificate, so thisbusiness will grow. The ambition is to bring it back to where we were, and wethink we have a formula for that, which will multiply or amplify the number ofHRD certificates globally, with a focus on the East."Chinese conglomerate Fosun International acquired an 80%stake in IGI last year. IGI CEO Roland Lorie declined to comment, but confirmedthat the company had signed a nondisclosure agreement. The Antwerp World Diamond Centre, which owns HRD, electednot to comment.Image: Rough diamonds and a loupe. (HRD Antwerp)