Industry leaders join in launch of Panama Diamond Exchange

Leaders of world diamond and jewellery industry including Eli Izhakoff, chairman of the World Diamond Council; Avi Paz, president of the World Federation of Diamond Bourses (WFDB); Dr. Gaetano Cavalieri, president of CIBJO, The World Jewellery Confederation; Jacob Banda, president of the Diamond Dealers Club of New York; and Alex Popov, president of the Moscow Diamond Bourse and heads of the Panama Diamond Exchange (PDE) in Panama City, met on October 24 for the launch of the $200 million project, which when complete will comprise a complex that serves both as the headquarters of the PDE and as the center of the diamond, gemstone and jewellery trade in all of Latin America.

The complex has been conceived to include an office tower built above a state-of-the-art diamond exchange, built on a plot of land overlooking the Pacific Ocean. When built, the complex is expected to provide the country with more than 3,000 direct and 10,000 indirect jobs. The turnover of diamonds, precious stones and jewellery that is projected to be traded is estimated to be more than $7 billion per annum.

The government officials of Panama have expressed to complete the requirements necessary for Panama becoming a member of the Kimberley Process. PDE President Erez Akerman said: "We are planning a state-of-the-art diamond trading facility that will come to serve as the primary business center for the diamond, gemstone and jewellery business in Latin America." WDC Chairman Eli Izhakoff said, "In the modern diamond trade, the implementation of the Kimberley Process system is a prerequisite for joining our community. Based upon our discussions with the government during our visit, I am confident that all will be done to have a recognized KP in place as soon as possible."

WFDB President Avi Paz said, "The formation of the Panama Diamond Exchange in 2006 and its acceptance earlier this year as a WFDB member were the first vital steps in what is a very positive development for our industry”. The PDE Tower complex is being designed by Ignacio Mallol, a renowned Latin American architect. In addition to the diamond exchange and office tower, the facility will eventually include a shopping mall with high-end retail jewellery stores, a luxury hotel built adjacent during the second stage of development. Construction is expected to begin mid-2009, and the first stage is expected to be complete within 18 months of breaking ground.

CIBJO President Gaetano Cavalieri noted that the PDE complex will not only facilitate the growth of the diamond trade in Latin America, but also the trade of fine jewelry in general. " Along with the diamond traders will come the banks, shipping companies, jewelry wholesalers and manufacturers, colored gemstone dealers and more. This is a tremendous opportunity for Latin America and the world jewellery industry in general."