Panama Diamond Market Becomes Top Producer for Latin America

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    The Costa Rica News (TCRN) – Panama is becoming one of the leading diamond centers in Latin America, to the point that the country has increased its presence globally.

    That image of the neighboring country generates that is is visited by the main European distributors of the gemstone. And the Panama Diamond Exchange announced last Monday that the industry is a business opportunity of $8 billion in Latin America.

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    According to Forbes, Harmony Gems is a diamond manufacturer based in Belgium, specializing in the polishing of pink and yellow diamonds and is positioned in the Exchange Building.

    This announcement has a positive impact for Panama, and the Belgian firm has a variety of white stones from 0.30 to 2 carat and round stones certified with perfect cuts. It distributes only its diamonds of Antwerp; however, it is now turning to Latin America. “I see great potential for selling my diamonds in the region,” said Abhay Nanavati, CEO of the company, in an interview with Forbes.

    This manufacturer was part of the delegation that visited Panama on the occasion of the Diamond and Jewellery Summit of Latin America, which served as a framework to launch what will be the Panama Diamond Exchange.

    According to the statement from the Panama Stock Exchange the project represents a great opportunity because it allows to eliminate all intermediaries in countries and sell the product directly to the lowest prices ever for customers in Latin America.

    Forbes detailed their information that Panama Gem & Jewelry Center will host the Panama Diamond Exchange (PDE), to be located just five minutes from the international airport and 10 minutes from Panama City Santa Maria Golf & Country Club Business District, in the area of ​​Llano Bonito, an upscale shopping area just in the development phase, which has built a series of luxury homes worth more than one million dollars.

    Today the canal country lies within the major diamond stocks in the world that located in London, New York, Tel Aviv and Mumbai.

    On the mainland only two stocks of diamonds operate, both located in the United States: one in New York and one in Los Angeles. The jewelry market in Latin America represented $8,000 million annually, where they have posted over 11,500 outlets, explained Forbes

    With the elimination of intermediaries it is estimated that prices will fall between 20 and 25% depending on the type of diamond. With this, Latin America will appeal to international markets, a prerogative that in recent years had earned China, India and the Persian Gulf.

    “In the trade of jewelry and gemstones from Latin America, all roads lead to and from Panama,” emphasized Erez Akerman, president of the Stock Exchange ‘The South African 30-carat diamond’.

    The project will be developed in two phases: the first will begin operations in late 2014, which involves an investment of $200 million for the construction of the complex that will host the diamond exchange, a ‘trading floor’ with a total of 59 offices.

    The Costa Rica News (TCRN)

    San Jose, Costa Rica

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