The Panama Diamond Exchange (PDE) and the Italian company, Fiera di Vicenza, have agreed to promote trade in precious stones and jewelry in the Latin American market, informed a business source. A Memorandum of Understanding was signed on December 5 by Eli Izhakoff, president of the board of directors of the PDE, and Matteo Marzotto, president of Fiera di Vicenza, the largest company in Italy that organizes jewelry fairs.
The PDE is the first and only diamond bourse of the region recognized by the World Federation of Diamond Bourses (WFDB) and will anchor the nascent Panama Gem & Jewelry Center, now under construction. The PDE will house at least 44 multinationals, among them the 14 largest diamond traders in the world, and will serve as the commercial focal point for regional and international businesses whose market is valued at $8 billion.
Over the coming weeks, companies will be taking up residence in the Phase I building of the Panama Gem & Jewelry Center, which includes 61 offices, vaults and secure transportation facilities, as well as the Panama Diamond Exchange, including its administrative offices and 300 square-meter trading floor.
Construction of the Phase II building will begin in 2015, with a finish date scheduled for 2017. It includes an iconic office tower, where the offices and trading floor of the Panama Diamond Exchange will be located in the low-rise base of the complex, along with a luxury commercial center, with banks, specialized support services, restaurants and shops, including high-end retail jewelry stores.
The $200 million-Panama Gem & Jewelry Center is the largest and most ambitious development project ever undertaken on behalf of the jewelry and gemstone traders in Latin America. It is being established by Grupo Verde Azul, one of Panama’s leading property companies, headed by Alberto Vallarino, the country’s former Minister of Economy and Finance.
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. It is projected to directly generate 3,000 jobs in Panama and generate billions in U.S. dollars for the local economy.
For more information, visit the Panama Diamond Exchange website at PDE.com.pa.
Some of the PDE’s international diamond providers:
Diarough is a major diamond merchant with direct concessions to the principal mines in the world. The group is vertically integrated and enjoys a good reputation around the world for the exceptional quality of its cut diamonds for any of their clients’ needs.
Harmony Gems is a diamond manufacturer based in Antwerp that specializes in elegantly polished rose and yellow diamonds. Located in the Antwerp Diamond Burse, the company is known for its great variety of raw stones that range from 0.30 to 2 carats and certified, perfectly-cut round stones. Harmony Gems distributes exclusively from their headquarters in Antwerp.
DHV – DE HANTSETTERS EN VERHAERE NV
DHV is a third-generation family enterprise that operates various factories and specializes in round cut diamonds from 1/10 to 2 carats in every color and clarity. Their selection process has been perfected over time to endure their ample selection. Offering the highest quality at competitive prices is part of their tradition of integrity, trust and consistency.
SHREE RAMKRISHNA EXPORTS PVT LTD
With a passion for innovation, progressive technology and ethical principles, SRK is India’s leader in the manufacturing of natural, exquisite diamonds. With affiliates throughout the U.S. and Hong Kong, SRK has created a niche in the industry, offering world-class diamonds between 0.3 and 20 carats, in a variety of colors, shapes and grades of purity from the eco-friendly factory based in Surat, India.