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THE GEM PALACE: Gary Barnett’s Extell Development is ready to start construction on its much-awaited International Gem Tower located at 50 West 47th Street. Mayor Michael Bloomberg will be present at the Tuesday ribbon cutting ceremony for the building, which has been both feared and revered by old-school Diamond District vendors. Extell claims the technologically advanced office-cum-condominium tower will unify all aspects of the industry from wholesalers to retailers and designers. Others have lamented the hi-tech complex will tarnish the unique nature of New York’s ironically gritty diamond district.