After Collectors Universe has decided to exit the diamond grading business due to unfavorable conditions in the jewellery market, the Palmieri Group, founders of Gem Certification & Assurance Lab (GCAL), announced that they would undertake the GCAL diamond grading business. To implement this decision, the Group has reached an agreement in principle to purchase GCAL’s diamond grading laboratory and certain intangible assets used in the Lab’s business, including its name, from Collectors Universe. %% Post restructuring in ownership, the position of President of the Lab will be held by Donald A. Palmieri, who served in the same position at the time the Lab was owned by Collectors Universe. To maintain the smooth operations and service to the Lab’s customers, the agreement in principle allows the Palmieri Group to render 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, New York, pending the signing of a definitive purchase agreement between the two entities. With this, diamonds being currently sent to the Lab for grading will continue to be processed and graded in accordance with normal schedules and procedures.