International Gem Tower Foreign Trade Zone Approved



The Foreign-Trade Zones Board of the U.S.
Department of Commerce announced last week that The International Gem Tower,
located in the heart of New York’s Diamond District, has been approved as a
Foreign Trade Zone. 

Businesses in the tower will be permitted to import
foreign merchandise without Customs entry or the payment of U.S. duties until
the goods are sold. No duty will be payable on re-exported goods.