The International Gem Tower (IGT) coming up in New York’s Diamond District has been approved as a Foreign Trade Zone (FTZ), as announced by the Foreign-Trade Zones Board of the U.S. Department of Commerce. This approval will allow businesses in the Tower 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. %% "We are developing a world class industry center for the diamond, gem and jewellery trade and approval of the FTZ status is another key milestone in our development schedule," noted Extell Development Company’s Senior Vice President Raizy Haas. "In 2012, New York will finally have a modern industry building to house the trade. And in addition to the beautiful design and technical innovation, we are focused on providing the services and amenities that drive value for our buyers." The tower is being developed by Extell Development Company.