IGI to Acquire American Gemological Laboratories

IGI announced over the weekend that it is acquiring American Gemological Laboratories (AGL) via step-down subsidiary IGI USA. It said the lab will continue to operate independently, and Chris Smith will continue in his role as AGL president and chief gemologist.

New York—The International Gemological Institute is acquiring American Gemological Laboratories (AGL), the colored gemstone-focused laboratory run by Chris Smith.

International Gemological Institute (India) Ltd., which is owned by private equity firm Blackstone and went public in December 2024, announced the purchase following its board of directors meeting, held Saturday in Mumbai. 

IGI is acquiring AGL through its step-down subsidiary, IGI USA, purchasing a 100 percent stake in AGL Holdco from Chris and Helene Smith.

AGL Holdco will become a wholly owned subsidiary of IGI USA, and a step-down subsidiary of IGI Belgium and IGI India.

The deal is worth approximately $13.2 million, with $9 million payable at closing and $4.2 million payable after closing, subject to certain conditions. 

IGI said in the press release announcing the acquisition that AGL will remain headquartered in New York, and Chris Smith will stay on as the lab’s president and chief gemologist, a role he has held since April 2009.

IGI said AGL will operate independently as its own brand—meaning its reports will still be “AGL” reports—with no immediate operational changes planned.

The acquisition gives AGL an opportunity to expand beyond the U.S. market and “significantly” grow its colored stone services, Chris Smith said. 

“With the support of Blackstone and the international reach of IGI, AGL will improve and expand the standards of integrity and service on a global scale.” 

For IGI, acquiring AGL gives it a foothold in a different, and fast-growing, market—colored gemstones. 

“This is a transformational step for the industry,” said Tehmasp Printer, IGI’s managing director and global CEO.

“By combining AGL’s scientific leadership with IGI’s global platform, we are building a future-ready ecosystem that delivers scale without compromising integrity. Together, we are setting a new global benchmark for consistency in gemstone certification.”

Dev Shetty, former COO of Gemfields and CEO of Fura Gems and now founder and CEO of Jemora Group, served as a strategic advisor on the transaction.