The Palmieri Group, founders of Gem Certification & Assurance Lab, announced Monday that it will continue GCAL’s diamond grading business and reached an agreement in principle to purchase GCAL’s diamond grading laboratory and certain intangible assets used in GCAL’s business, including its name, from Collectors Universe.
Collectors Universe has decided to exit the diamond grading business due to unfavorable conditions in the jewelry market.
Donald A. Palmieri, who served as president of GCAL during its ownership by Collectors Universe, will continue in that position. The agreement in principle provides for the Palmieri Group to continue providing diamond grading services, on an uninterrupted basis, under the GCAL name and from GCAL’s current offices at 580 Fifth Avenue, LL-05, New York, pending the signing of a definitive purchase agreement between the Palmieri Group and Collectors Universe.
All diamonds sent to GCAL’s laboratory for grading will continue to be processed and graded, utilizing GCAL’s equipment and grading standards, and grading will be completed in accordance with normal schedules, Palmieri Group said in a statement.