The founding family will retain a 20% stake.
Fosun International Ltd. is buying an 80 percent share of the Antwerp-based International Gemological Institute, the Financial Times reports.
The newspaper quoted Xu Xiaoliang, co-president of Fosun, saying: "We are very happy to start this partnership with IGI, which provides us a unique opportunity to work with the diamond community around the world."
IGI, which has 23 laboratories worldwide, bills itself as "the world's largest independent gem certification and appraisal institute for diamonds, colored gemstones and jewelry."
Following the acquisition, the Lorie family, which founded the organization, will still own a 20 percent stake, according to the Times.
Marc Brauner, co-CEO of IGI, is leaving the organization.
Fosun is making the acquisition through holding company Yuyuan.
Read more at the Financial Times
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