After an investment of more than $138 million an announcement has been given for the start of operations on the Vaguil SA Free Zone, in May 2014.
Capital.com.pa reports: "The diamond exchange which aims to turn Panama into a regional center for trade and logistics serving the global community in the exchange of diamonds, gemstones, pearls and other precious items is set to become a reality ... ". The free zone is located in the Santa Maria Golf & Country Club Business District, in the area of Llano Bonito in Juan Diaz, and there the company Vaguil has an area of 1.86 hectares.
Panama has been admitted to the Kimberley Process for certification of rough diamonds so that they can be marketed from its territory, which will enable the creation of a Diamond Exchange.
As far back as September 2008 announcements were made for the construction of a 50-story building to house a trading market for diamonds, a gemological institute, laboratories, cutting and polishing workshops, and a marketing hall.
It will be Latin America's first diamond distributor, and will employ several hundred people in its offices in the "Costa del Este" area in the Capital City, informed Roberto Henríquez, Commerce Minister.
Panama will host the first diamond exchange in Latin America which will be installed on October 24.
Authorized by the World Federation of Diamond Bourses, The Panama Diamond Exchange (PDE) will become the business framework for jewelers in the region and will develop a regulated system for trading diamonds, precious stones and other jewels.
"Latin America is the last frontier," said Erez Akerman, who heads the Panama Diamond Exchange, the group behind the project. "We are looking at four main markets: Brazil, Mexico, Argentina and Chile," he told Reuters in the exchange's temporary offices in one of Panama City's upscale districts.
Generates business opportunities by linking supply and demand of goods and services between Central America and the rest of the world.
Operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama
Phone: (506) 225 4786