National Jeweler Network

Grading

GIA secures new NYC lab digs in Int'l Gem Tower

2010-01-12

New York--The Gemological Institute of America (GIA) has announced plans to relocate its New York laboratory to the International Gem Tower (IGT), a commercial condominium building designed specifically for the international diamond, gem and jewelry trade.

A project of Extell Development Co., the tower is currently under construction and is set for completion in 2012. It is located in New York's Diamond District, at 50 W. 47th St., between Fifth and Sixth Avenues.

GIA said in a media release that it has signed a contract to purchase an entire floor, a nearly 30,000-square-foot space that will enable the GIA to organize its staff and equipment in a "more efficient way" and continue to develop new services and enhanced business processes to benefit clients and the gem and jewelry industry.

"We are very excited about our move to the International Gem Tower," GIA President and Chief Executive Officer Donna Baker said in the release. "We look forward to relocating our New York Laboratory operations into a single floor of the IGT. This purchase will increase our efficiency and help GIA manage its long-term costs. The move will reinforce our commitment to the New York and U.S. marketplace."

According to Gary Barnett, president of Extell Development Co., GIA's purchase is also a win for the building.

"GIA is the world's foremost authority on diamonds, colored stones and pearls," Barnett said in the release. "Its presence in the building will unequivocally establish the Gem Tower as New York's center for the international trade. This prestigious institute clearly recognizes the value the development brings to New York's Diamond District, and we're thrilled to have them on board."