The economic slowdown has prompted the American Gem Trade Association (AGTA) to close all operations at its AGTA Gemological Testing Center (GTC) in New York. The coloured gemstone grading laboratory will close all operations with immediate effect. It will not accept any new gemstones for grading and will soon return all gemstones it currently holds. The laboratory in New York opened in 1998.

With the closure, the lab’s Director Dr. Lore Kiefert, who has been leading the lab since 2005, will now join the Gubelin Gem Laboratory in Lucerne, Switzerland, as chief gemologist.

AGTA Chief Executive Officer Douglas Hucker mentioned that the GTC although was highly acknowledged for services, the economic downturn made it difficult to sustain high operational costs in New York.