EGL Asia and Australian Gemological Laboratory (AGL) have signed a Memorandum of Understanding that will allow AGL to represent EGL Asia in Australia and issue diamond grading reports on its behalf.
AGL owner and manager Neeraj Sood said the cooperation between the labs signified the increasing pace of business that is done between the Australian continent and Asia.
“Contrary to developments in the rest of the world, the Australian economy has felt little of the global economic crisis and consumer spending, including in the luxury product market, has continued to rise,” he said.
“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.”
Meanwhile EGL Asia principal Joseph Kuzi said his organisation was pleased to begin serving the Australian market.
“We’re the first foreign international gem lab to create a foothold in Australia,” he said.
“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.”