TORONTO (miningweekly.com) – Top Panamanian government officials and diamond and jewellery industry leaders will gather in the country later this week for the official launch of the Panama Diamond Exchange.

The exchange, which will be Latin America' first and only complex dedicated to the secure and orderly trade in diamonds, gemstones and jewellery, will be launched on Friday.

Among those expected to attend the event are World Federation of Diamond Bourses president Avi Paz, World Jewellery Confederation president Gaetano Cavalieri, World Diamond Council chairperson Eli Izhakoff, Diamond Dealers Club of New York president Jacob Banda and Moscow Diamond Exchange president Alex Popov.

To encourage the development of Panama as a central hub for diamonds and jewellery in Latin America, the government has agreed to begin the procedures necessary to grant permanent free zone status to the area of the new Panama Diamond Exchange Tower.

This will eliminate taxes and duties on transactions conducted within its confines.
 
The new Panama Diamond Exchange Tower will be built on a plot of land conveniently located nearby Panama City's business centre and in close proximity to the country's main international airport

It will feature a secure and state of the art high-rise building that will house company offices, showrooms, gem labs and banks. It also will serve as the permanent residence of the Panama Diamond Exchange, which in May of this year was accepted as Latin America's only member in the World Federation of Diamond Bourses.

"This truly is momentous event," said Panama Diamond Exchange president Erez Akerman.

"Anchored by our bourse, the new complex will provide the infrastructure that will enable Latin America develop into the next great diamond market."