The first designated regional trading centre for diamonds, coloured gemstones and jewellery was launched in Panama City on 20 March 2014. According to Ricardo Martinelli, Panama president commented: "Panama has one of the most stable and connected economics in the region. That is why we take the initiative to establish the regional trading hub."
At the heart of Panama Gem & Jewelry Center, there locates the Panama Diamond Exchange (PDE). “We took a leaf out of the government of Panama's book, which is investing in the infrastructure of the Latin American jewellery industry. As a result, we expect to see accelerated growth," said Erez Akerman, president of the Panama Diamond Exchange.
During the launch event, a round table Latin America diamond and jewellery summit was featured focusing on the potential markets and opportunities for growth, especially the development of the luxury markets in Latin America.
Eli Izhakoff, chairman of the board of directors of the PDE said: “To no small degree, the gemstone and jewellery sector in Latin America has been underperformed, because it is lack of standard trading infrastructure targeting the major markets. The establishment of this trading hub will be the gateway for Latin America to the international market.
Panama's government has made great efforts to prepare the structured and competitive gem and jewellery trade in this region, as well as obtain membership in the Kimberley Process 2012 and pass the legislation that will render Panama Diamond Exchange Center and the Gem & Jewellery Center as a free zone. The transactions conducted inside will be exempt from customs and taxes. The registered corporations will also be exempt from company tax.
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