GCAL Sold to Palmieri, Will Continue to Operate
March 04, 09
Following Collectors Universe decision to exit the diamond and gem grading business, it sold Gem Certification & Assurance Lab (GCAL) to the Palmieri Group. Palmieri, who founded the lab, will continue GCAL’s diamond grading business.
Palmieri has reached an agreement in principle to purchase GCAL’s diamond grading laboratory and certain intangible assets used in GCAL’s business, including its name.
The agreement provides for the Palmieri Group to continue the diamond grading services on an uninterrupted basis and at the same location. Palmieri stated that all diamonds sent to GCAL’s laboratory for grading will continue to be processed and grading will be completed in accordance with normal schedules.
Donald A. Palmieri, who served as president of GCAL during its ownership by Collectors Universe, will continue in that position
Collectors Universe decided to immediately exit the diamond and colored gemstone grading business, raising speculation that GCAL and colored gemstones lab AGL (American Gemological Laboratories) will close.
Palmieri’s announcement leaves AGL future unclear. Collectors Universe decided to exit the grading business due to what it called revenue “uncertainties.”