Gary Barnett’s Extell Development Company is putting the first Indian jewel in its West 47th St. crown.
The company, House of Diamonds, a manufacturer and importer of loose diamonds, is buying space in Extell’s 34-story $750 million International Gem Tower — and a second Indian company is close to signing, too.
While Indian companies make up about 60 percent of the diamond trade, they have had, until now, a low profile.
“We’ve been trying to break into the Indian market, but it hasn’t been easy,” said Raizy Haas, a senior vice president at Extell, which is selling space in the building in two phases. The building is set to open in 2012.
The first phase — about 300,000 square feet, one fifth of the tower — is half sold.
“Every diamond center around the world already has at least one major hub where the industry comes together,” said Sanjeev Jain, director of the global firm.