Panama became home to Latin America’s first diamond exchange with the opening of Panama Gem & Jewelry Center and the Panama Diamond Exchange on Dec. 1.
Vice president of the company, Judy Meana, told ANPanama that the exchange will include 61 companies. “This will be the center of diamonds and precious stones in Latin America which will accommodate business and also have a trading floor to address the need for products in this region through the exchange,” Meana told ANPanama.
The Latin American region is estimated to have about 11,500 jewelry outlets, moving more than US$8 billion in diamonds and gemstones every year.
According to the Panama Diamond Exchange website, the exchange enjoys strong support from the Panamanian government and parliament, having been granted free-trade-zone status.
The exchange is located five minutes away from Panama City’s Tocumen International Airport and ten minutes from the Santa Maria Golf & Country Club business district. The building was developed by Grupo Verde Azul in conjunction with Grupo Los Pueblos, with an initial investment of more than US$200 million.
The first phase of construction is complete, and the final plan for the facility includes office space, a trading floor, a luxury shopping center, banking services, restaurants, and shops, including fine jewelry outlets.