core sector communique

Empire State Development Corp. issues first purchaser mortgage commitment at the International Gem Tower New York, November 2, 2011 -- In an important "first" at the International Gem Tower, office condo purchaser A.S. Diamonds has received unanimous mortgage financing approval from the Empire State Development Corporation's Job Development Authority (JDA). The prominent diamond seller and manufacturer is the first to take advantage of the ESDC program, which is making up to $100 million in first mortgage loans available to diamond, gem and jewelry firms buying office space in the tower. The JDA program provides loans up to 50% of the purchase price and fit-out cost for a condominium unit. "We are delighted to receive JDA mortgage approval, which moves us one step closer to being headquartered in this visionary industry building," said A.S. Diamonds President Alain Spira. "As the tower rises and with our mortgage financing in place, we can now focus on designing our new offices and planning our move." Empire State Development Corporation President, CEO and Commissioner Kenneth Adams said; "Our support for this project demonstrates the dominance of diamonds as a top export and growing business opportunity for New York. The Diamond District is one of the largest manufacturing sectors in the state and presents significant opportunities for job creation and retention throughout New York City. ESDC is proud to support its growth by using tools like the JDA to invest in companies that show the greatest potential for economic activity and job creation." In other exciting IGT news, global valuables courier service, Malca-Amit, has elected to expand its new North American corporate headquarters to over 11,000 square feet in the building. The move comes on the heels of global diamond conglomerate Eurostar expanding to an 8,000 square foot office. Malca-Amit, who originally purchased space in early 2010, recently agreed to relocate its new office to allow the Gemological Institute of America (GIA) to expand to two full floors of close to 60,000 square feet. GIA's New York Laboratory and East Coast campus will now be headquartered on the entire 4th and 5th floors in the base of the tower. "We were happy to accommodate GIA's expansion and relocate," stated Amit Eytan, Malca-Amit's head of US operations. "Furthermore, as we are finalizing our plans for our new US headquarters we decided to purchase additional space to accommodate future needs in what we believe will ultimately be the greatest state-of-the-art specialty building for the diamond, gem and jewelry industries in the world." About the International Gem Tower The International Gem Tower will be New York City's only commercial condominium designed specifically for the global diamond, gem and jewelry industry. Set for completion in 2012, the tower will provide services and amenities never before offered in New York's diamond district, including state-of-the-art security and vault operations, foreign trade zone status, secure underground parking, business center, full service concierge, executive club, health and fitness center, restaurants and in house catering and ground floor retail shopping. Up to $100 million is available to interested buyers in first mortgage financing from Empire State Development through its Job Development Authority. About A.S. Diamonds The A.S. story spans more than 50 years and five continents. United by commitment to quality and strict business ethics, Alain Spira and Isaac Blumenkrantz have grown New York-based A.S. Diamonds from a family business to a global operation. Founded in 2002, the company is now an internationally recognized and trusted diamond source with offices located in Belgium, China, Hong Kong, India and Israel. A.S. Diamond products are rooted in selectivity and variety, with an unmatched inventory featuring a range of GIA certified, conflict-free diamonds in classic and unique cuts, colors and sizes.