The Panama government has extended its support to the establishment of the Panama Gem & Jewelry Center, Latin America\'s first dedicated diamond, coloured gemstone and jewellery centrer, which is expected to open soon.  This was conveyed by Panama\'s Minister of the Presidency, Álvaro Alemán during a meeting with Eli Izhakoff, Founding Chairman of the Panama Diamond Exchange.

Stating that the government considered the upcoming Exchange and Center as “projects of national importance”, Alemán reaffirmed the government’s commitment to positioning the country “as the primary diamond, gemstone and jewellery hub for all of Latin America” and promised to “provide both the support and resources to make this happen."

The Exchange, the only official recognised diamond bourse in the region, is the anchor project of the new $200 million centre. It is expected to emerge as the trading hub catering to the regional market that is estimated to be worth $8 billion, and comprises 11,500 retail jewellery outlets located in 20 countries and 23 islands.

Welcoming the government’s assurance, Izhakoff said: "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. We are most grateful."  

The meeting was also attended by 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 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.