Sarin to buy space in IGT

Sarin Technologies Ltd is acquiring approximately 500 square meters of office space in the International Gem Tower (IGT) in New York’s diamond District, for which it recently signed an agreement with Extell GT, LLC, developers of this project.

Uzi Levami, Chief Executive Officer of Sarin, stated, "We have entered into this agreement for new office space to accommodate Sarin’s future plans related to service offerings for polished diamonds, as New York City is the United States’ main polished diamond trading centre, and the United States is still the single largest market for polished diamonds, notwithstanding the Far East’s increasing importance.

For Sarin, this purchase will cost around US$ 5 million, and the agreement requires that Sarin make an initial deposit, with additional payments to be made through closing, in late 2012. Sarin plans to pay part of this through bank loans.

Levami further added that “This building is especially suited to Sarin’s needs as it is being constructed especially for the 21st century requirements of the diamond and jewellery industry."