IGI Acquires American Gemological Laboratories for $13.2 Million

By Rob Bates | February 02, 2026

International Gemological Institute (IGI) has acquired 100% of American Gemological Laboratories (AGL), the colored gemstone grading lab, for $13.2 million.

Chris Smith will continue as AGL’s president and chief gemologist, according to a company statement. AGL will remain headquartered in New York City and will operate independently from IGI. The release said that “no immediate operational changes are planned,” though it added that AGL will use IGI’s global infrastructure to grade gemstones beyond the U.S. market.

The acquisition “secures the future of AGL for our team, for the industry, and for our clients,” Smith tells JCK. “We look forward to working with IGI and [parent company] Blackstone. It was very important to us to stay independent, and it was important for them as well. Our services are not going to change.”

Smith notes that AGL has received a lot of requests to offer its services globally, but “up until now we haven’t had the resources to accomplish that. Now we will.”

According to an IGI filing with the Bombay Stock Exchange, AGL’s turnover was $3.85 million in fiscal 2024, and $3.1 million in fiscal 2023. The acquisition will diversify IGI’s offerings into the “fast-growing colored gemstone segment,” the filing said.

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

AGL, founded in 1977 by C.R. “Cap” Beesley, has been considered a pioneer in country-of-origin grading for gemstones. It was acquired in 2006 by Collectors Universe, during the latter company’s ill-fated foray into gemstone grading. After Collectors Universe exited the gemstone sector in 2009, Smith acquired the lab and has led it ever since.

“The impact of this acquisition will be even bigger than the last one,” says Smith. “The last acquisition ended up being very good for the lab and for the industry, and I think this one will be even better.”

IGI was purchased by Blackstone in 2023. It went public in India the following year.

(Photo courtesy of AGL)