Panama Minister Says Govt Committed To Country's Precious Stones & Jewelry Center
October 13, 14
(IDEX Online News) – Eli Izhakoff, Founding Chairman of the Panama Diamond Exchange met with Panama's Minister of the Presidency, Álvaro Alemán, who expressed the commitment of the government of Panama for the establishment in Panama City of Latin America's first dedicated diamond, colored gemstone and jewelry center which soon will open in the prestigious Santa Maria Business District.
Joining Izhakoff at the meeting with the minister were Erez Akerman, PDE President; Diego Vallarino, Vice President of Real Estate Development at Grupo VerdeAzul, which is developing the Panama Gem & Jewelry Center; and Juan Manuel Henriquez, the General Manager of the Panama Gem & Jewelry Center project at Grupo VerdeAzul.
"The government of Panama is firmly committed to positioning our country as the primary diamond, gemstone and jewelry hub for all of Latin America, and we will provide both the support and resources to make this happen," said Alemán. "In this respect, we consider the PDE and the Panama Gem & Jewelry Center to be projects of national importance, and we will do as is required to ensure that they grow and develop along with the jewelry sector in the entire region."
Izhakoff said: "We have been most fortunate to have enjoyed the backing of the Panamanian government from the very beginning. The success of the venture will to a great degree depend on the creation of a legal and financial environment that is optimal for our industry, and the government has gone out of it way to make that happen."
The entire complex will be located in the Vaguil Free Zone, which was established by an act of the Panamanian parliament for the benefit of the international gem and jewelry trade, and exempts transactions conducted within its area from payments of customs duties and taxes, and corporations registered in the Free Zone from paying company tax.
The $200 million Panama Gem & Jewelry Center, which will be anchored by the Panama Diamond Exchange, the region's first and only officially recognized diamond bourse, is the largest and most ambitious development project ever undertaken on behalf of the jewelry and gemstone trades in Latin America.