Following KP Membership, Panama Wants to Become A Trading Hub

(IDEX Online News) – Following its acceptance into the Kimberley Process (KP) during the recent Plenary meeting in Washington, DC, Panama has made its intentions to become a regional diamond trading center clear.

"This was a critical step in our long-term program to position Panama as the primary Latin American center for the diamond trade," said Panama's minister of Commerce and Industry, Ricardo Quijano.

The minister also said that the Panama Diamond Exchange would have special tax-free status similar to other world leading industry centers.

"The country has ambitious plans to position itself as a trading hub for the countries of South and Central America, as well as the Caribbean, and as such it is imperative that it work within the system of the Kimberley Process," said Eli Izhakoff, president of the World Diamond Council.

As part of its aim, construction is set to begin on a dedicated complex for the diamond trade in the city's newest and most exclusive business neighborhood. Erez Akerman, president of the Panama Diamond Exchange said the project will include secure trading facilities and a tower with offices for hundreds of companies from Latin America and around the world.

"The complex is designed to serve as the primary gateway to and from the Latin American diamond sector, serving as a gathering place for companies from across the region and internationally. The region is one the most exciting growth areas for the global diamond business and Panama is ideally equipped and located to play a key role," said Akerman.

The Panama Diamond Exchange is the only trading organization in Latin America to be formally accepted into the World Federation of Diamond Bourses.