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Private equity giant Blackstone Inc said it has fully acquired the jewellery certification firm International Gemological Institute (IGI) from China's Fosun and the company's founding family.

Blackstone acquired IGI- whose majority revenue and profits come from India- for about $530 million, said a person with direct knowledge of the matter.

The statement said it had purchased an 80% stake from Fosun and 20% from the Lorie family.

Blackstone declined to comment on the valuation.

Founded nearly 50 years ago by the late Marcel Lorie, IGI has 29 laboratories and 18 schools of gemology in 10 countries. The majority of the laboratories are in India.

India's jewellery market was worth is $78.5 billion in the 2021 financial year and its one of the world's biggest, though a significant portion goes for export.

“IGI has spearheaded the certification of natural diamonds, lab-grown diamonds, and colored stones, becoming a global market leader and providing confidence to manufacturers, retailers, and consumers around the world," said Mukesh Mehta, a Senior Managing Director in Blackstone Private Equity Group.