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Panama Aims to Become Regional Leader in Diamond Trade
Jun 26, 2007 5:51 AM
By Leah Granof
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RAPAPORT... Entrepreneurs from the Panama Diamond Exchange Project have applied for membership in the World Federation of Diamond Bourses in a bid to become regional leaders in the Central and South American markets.
The not-yet operational exchange hopes to represent 23 countries in Latin America and 30 surrounding islands accounting for a $2.5 billion market, according to Erez Akerman, managing director of the Exchange.
The exchange is in the process of building a 48-story building in the financial district of Panama City. Intended to be a fully modern bourse, the structure will include a trading hall, gemological laboratory, various banks and a heliport on the roof.
The Panamanian government has agreed to declare the geographic area of the exchange a “free zone” in which neither exports nor imports will be taxed. Foreigners will also receive benefits such as 25 years of tax free real-estate and legal residency. The exchange will open with 250 members, with half representing local diamantaires and the other half consisting of international companies.
Drawing on the 700 million residents and the 11,500 jewelry stores in the region, project directors hope to double the amount of trade in the next five years. Leaders are already in discussions with the governments of Brazil, Guyana and Venezuela to obtain rough supplies of diamonds Ackerman said.
With the support of the WFDB and the Panamanian government, the project directors expect to be ready to become operational by the WFDB Conference in Shanghai scheduled for May 2008.
Other bourses which have applied for WFDB membership include representatives Australia, Canada and the Indian Ocean island of Mauritius.
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Tags:
Australia, Banks, Government, Jewelry
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at all!
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Aug 14, 2008 4:49PM
By not good!
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Dear sirs
Enclosed please find a Certification, which was issued by the ministry or Commerce and industry of Panamanian government. This is a written proof, translated and dully Apostilled (sealed) as a certified document proving that the company named: “Panama Dianond Exchanged” is not authorized with any license or official registry for the operation of any Free zone development project for the Exportation according to the law #25, dated 30th of November of year 1982. kindly notice that the misinformation about this company is currently being provided and distributed through all kind of worldwide media, and the same is totally incorrect.
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wud like to be a part of this
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Jul 11, 2008 1:57PM
By Russel
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hi. am from india.. wud love to be a part of this booming country. i am a part of this industry for a while now but have a quite well established network in india.
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Panama is Great
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Feb 9, 2008 12:58PM
By Hans
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Opening an exchange in Panama would finally close the circle between Antwerp, Tel Aviv, Dubai, Mumbai and New-York.
A great project that all proffessional diamond traders should welcome with open arms!
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Get Real!
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Jul 9, 2007 11:05AM
By Seymour Stones
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And what else is Panama famous for - this will quickly become one of the largest money laundering operations going.....if the collective diamond industry let this happen then you might as well just hand over your money straight away to the terrorists, drug dealers, corrupt politicians etc etc...has anyone ever looked at the Panamanian corporate registry.....
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Panama is the New York & Las Vegas of Latin-America!
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Jul 7, 2007 2:14PM
By Stephen Baum
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This venture should be the greatest thing that happened to the diamond industry in a long time. The potential of the Latin market is enormous and the Republic of Panama is THE place for such an exchange as far as location, economy, transparency, currency, banking, political stability and free trade experience.
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god for region
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Jun 30, 2007 3:41PM
By paul sockwell
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the bourse for Panama will be very successful.I have lived there for over a year.The Latin diamond producers will bring their goods there,its a no lose situation will free zone.Panama uses the USD and has much experience with free trade because of the Canal.I will do some cutting there for certain.Its also a god avenue to keep up with the KP for the region.
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like to have contact with Erez Ackerman
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Jun 26, 2007 11:09PM
By Jacob Kamhaji
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My name is Koby from venezuela..have 26 year working with Venezuela diamonds mine,,like to help Mr Ackerman with this new project... interkoby@gmail.com
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