A Memorandum of Understanding (MoU) was signed between EGL Asia, the only EGL diamond laboratory operating independently in Asia, and the Australian Gemological Laboratory (AGL) of Melbourne, Australia. This will allow AGL to represent EGL Asia in Australia and to issue diamond grading reports on its behalf. %% According to Neeraj Sood, owner and manager of AGL, the cooperation underlines the growth in business conducted between Australia and Asia. He said, "Contrary to developments in the rest of the world, the Australian economy has felt little of the global economic crisis and consumer spending, also in the luxury product market, has continued to rise." Sood noted. "Therefore, seeking and establishing strategic alliances with an Asian partner make very much sense, especially when it concerns services that aim to improve consumer confidence in diamond, gems and jewellery products. %% EGL Asia principal Joseph Kuzi said, "We're the first foreign, international gem lab to create a foothold in Australia. While Australia is a relatively small market, it has great potential for growth. We intend to make our mark in this market with speedy and reliable diamond grading services that are recognised widely in the Asian markets, including in Hong Kong and in greater China," Kuzi said. %% EGL Asia's agreement with the Melbourne-based lab follows similar agreements signed over the past six months with labs in Asia, in particular in China, with the NGGC (the National Centre of Quality Supervision & Inspection on Gold-Silver Products), Shanghai's leading, state-owned diamond grading laboratory and with Sigma International Gemology (SIG) of Singapore.