S. Schnitzer Diamonds Ltd. and Rafi Ben-David Diamonds Ltd. both finalized purchases for offices in the new International Gem Tower being built in Manhattan. The building will be housed on 47th Street, in the center of New York's Diamond District.

An executive sales team for the towers paid a visit to Israel recently to drum up more clients, which is how the two Israeli diamond companies came to buy space in the yet-to-be-completed tower. "It was a short but successful visit; not only did we finalize two additional sales, but we also met with a number of firms with renewed interest in the project," Senior Vice President of Development at Extell Raizy Haas said in a statement.

Shmuel Schnitzer, founder and partner of S. Schnitzer Diamonds, expressed high hopes for the new office space. "We have been looking to expand our New York operations for quite some time and with the global diamond business in a steady recovery, we decided that a purchase in the International Gem Tower is the smart move for our business."

The tower is scheduled for completion in 2012.