Izhakoff Says Industry Turnout Underlines Importance of Panama Center

(IDEX Online News) – The "entire leadership of the global diamond industry" turned out to attend the launch of the Panama Gem & Jewelry Center, thus underlining the importance of the project, Eli Izhakoff Founding Chairman of the Panama Diamond Exchange (PDE) Board of Directors, said at a media briefing.

"I am very optimistic about this project because up to now the diamond industry in Latin America has not had a place in the region to do business in an open and transparent way," Paz said on the second day of the March 17-18 launch event.

"People had to travel long distances to do business, but soon we will have a building here housing the diamond exchange that will allow for legitimate and transparent trading. The location of Panama is perfect for the Americas and there is government control and regulation.

"This project will bring a lot of business to Panama, not just in the diamond trade, but in related fields such as tourism and hotels."

Erez Akerman, President of the Panama Diamond Exchange, told reporters that Panama had taken the necessary steps to fit in with the global diamond and jewelry trade, such as joining the Kimberley Process and CIBJO, the World Jewellery Confederation.

The Panama Gem & Jewelry Center is being developed by two of Panama's largest property development and management companies, he said, and has full government support.

The first phase of the project will see the opening of the PDE in late 2014 with 59 offices for lease to a mixture of local and regional companies. The second phase of the project will be the construction of the $200 million Panama Gem & Jewelry Center to be anchored by the PDE and that will include jewelry retailers, banks and other services.