(IDEX Online) - The sale of IGI (International Gemmological Institute) to asset manager Blackstone has been completed in a deal worth $569.65m in total.The network of 29 grading labs and 18 gemology schools, employing almost 1,000 people, primarily in India, was 80 per cent owned by China-based Fosun International Ltd. The remaining 20 per cent belonged to CEO Roland Lorie - whose father Marcel founded the company in Antwerp in 1975 - and his family.The grading lab has been acquired by Singapore-based BCP Asia II Topco Pte., a company wholly owned by Blackstone, the world's largest alternative asset management company, which oversees $991 billion in assets.According to a statement issued by a Fosun subsidiary, IGI's total assets were $83m, as of the end of last year. Total liabilities were $24m, net assets were $59m, operating for 2022 was $94m and net profit was expected to be 434m.Roland Lorie, CEO of IGI, said: "IGI has had a successful track record for close to 50 years since we founded the company, and we are pleased to entrust Blackstone to take IGI on to its next stage of development. IGI has been a pioneer in developing products adapted to manufacturers, retailers and consumers' expectations."Under the patronage of Blackstone, we intend to get even closer to the consumer and to grow the business exponentially. The company's management team is excited to welcome Blackstone and further cement and build upon our market-leading position with the help of Blackstone's scale, expertise and global network."Mukesh Mehta, senior managing director at Blackstone, said: "IGI has spearheaded the certification of natural diamonds, lab-grown diamonds, and coloured stones, becoming a global market leader."We are bringing the best of Blackstone to the business - our operational expertise, capabilities in technology, and global track record in building successful businesses to help the company expand its global footprint."