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Panama Diamond Exchange to open Friday

October 21, 2008

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Panama City, Panama—Jewelry industry leaders and Panamanian government representatives will gather in the Central American nation on Friday to celebrate the launch of the Panama Diamond Exchange (PDE).

The event is being touted as a milestone in the development of the jewelry industry in Latin America because, when completed, the PDE will be the first and only complex in the region dedicated to the secure and orderly trade of diamonds, gemstones and jewelry, according to a news release.

Accepted as a member of the World Federation of Diamond Bourses (WFDB) in May, the PDE will be situated in the Panama Diamond Exchange Tower, slated for construction on a plot of land located near Panama City's business center and near the country's main international airport.

The complex will feature a secure, state-of-the-art high-rise building that will house company offices, showrooms, gem labs and banks.

In addition, the government has agreed to begin the necessary procedures to grant the area permanent Free Zone status, eliminating taxes and duties on transactions.

"This is truly a momentous event," PDE President Erez Akerman said in a media release. "Anchored by our bourse, the new complex will provide the infrastructure that will enable Latin America to develop into the next great diamond market."

Several key ministers and deputy ministers of the cabinet will represent the Panamanian government at the ceremony.

Jewelry industry leaders slated to be in attendance include: WFDB President Avi Paz, World Jewellery Confederation (CIBJO) President Gaetano Cavalieri, World Diamond Council Chairman Eli Izhakoff, Diamond Dealers Club of New York President Jacob Banda and Moscow Diamond Exchange President Alex Popov.
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