The New York State has dedicated $100 million fund for mortgage finance to prospective buyers of office space in the International Gem Tower (IGT), and so participate in the making of what symbolise the city’s importance in international trade, announced Empire State Development. Funds will be sanctioned under the State’s Job Development Authority program. “The International Gem Tower will further establish New York as the center of the international trade,” said Governor David A. Paterson. “Once completed, the Tower will rival leading competitors across the globe with its state-of-the-art technology, services and Foreign-Trade Zone designation. The International Gem Tower will also be instrumental in fostering economic activity abroad and expand the State’s presence around the world.”

“We are immensely proud of this project, and what it means to the City of New York,” said Gary Barnett, President of Extell Development, the project developers. “The International Gem Tower is a wonder of state-of-the-art technology that will put New York at the heart of the world diamond and gem industry.”

The 34-story project designed exclusively for the international gem and jewellery trade is expected to be completed in 2012. It will stand in the heart of New York's Diamond District, housing leading wholesalers, retailers and manufacturers of the trade.