Diamonds

Save E-mail Print Most Popular RSS Reprints

Panama Diamond Exchange joins WFDB

As gateway to Latin American market, country aims to be major jewelry player

May 20, 2008

Similar Stories | Topics

Shanghai, China—The World Federation of Diamond Bourses (WFDB) has accepted the Panama Diamond Exchange (PDE) into its membership ranks.

The PDE, which joins exchanges from Turkey and Australia as the newest WFDB members, gained acceptance into the bourse on May 17, the final day of the 33rd World Diamond Congress held in Shanghai, China.

According to a presentation by PDE President Erez Akerman, the PDE opened in early 2006 and is seen as a gateway to and from Latin America, which includes South and Central America, and also as a means of reaching the islands of the Caribbean.

This area, he said, is home to about 700 million people and 11,500 jewelry stores in 20 countries and 23 Caribbean islands, which generate more than $7 billion a year in jewelry sales.

Akerman said in 2007, the country of Panama itself, which uses the U.S. dollar as its official currency, saw its economy grow 11 percent, a growth rate second only to China.

The government of Panama, led by President Martin Torrijos and Vice President Samuel Lewis Navarro, stands behind efforts to make Panama a player in the jewelry industry, Akerman said, including the construction of a 48-story tower in the heart of Panama City that will eventually house the PDE.

In addition, the area encompassing the PDE has permanent duty-free-zone status, eliminating taxes and duties on transactions conducted there.

"We consider our affiliated membership to the WFDB to be an essential component in our development, and we are fully aware that this is an important element in the Panama Diamond Exchange achieving international recognition," Akerman said in a media release. "We are equally convinced that the Panama Diamond Exchange will be a valuable addition to the WFDB, for it will open to its bourses' members the vast and largely untapped markets of Latin America."
Save E-mail Print Most Popular RSS Reprints
Post a Comment
* Required field
* Author:
* Comment:
 

Diamonds

Industry calling for swift action on Zimbabwe

Jewelers of America is calling on the Kimberley Process to fully and quickly implement a work plan to address the serious concerns surrounding Zimbabwe's non-compliance with the Kimberley Process Certification Scheme, the system designed to keep conflict diamonds out of the international trade, and the reported human rights abuses in the Marange diamond fields. Read More

Sotheby's reports record-breaking sales in Geneva
Diamond symposium focuses on 'new normal'
More Diamonds

More Like This

Panama Diamond Exchange to open Friday
October 21, 2008 | National Jeweler Network
IDE's Paz new WFDB president
May 13, 2008 | National Jeweler Network
Diamond industry gears up for China congress
April 30, 2008 | National Jeweler Network

advertisement

Video

Small multi video player located on right rail of NJN site

advertisement

Retailer Toolbar

America's Best Jewelers
Join the ONLY Social Network for Jewelry Retailers. Get access to expert content, peer best practices, and more.
Start networking today.
Newsletters
Newsletters
Topic-specific newsletters that deliver the latest news on jewelry, diamonds, wholesale operations and high-volume buying directly to your in-box.
Reader Connect
ReaderConnect
Supplier information presented with every article, bringing you related, actionable content on every topic.
Jewelry Yellow Pages
Yellow Pages
A comprehensive listing of associations, organizations, suppliers and services for the jewelry industry.
Classifieds
Classifieds
A comprehensive listing of job postings, product offerings and other materials for sale for the jewelry industry.
NJN Customer Connect
CustomerConnect
The most sophisticated suite of marketing services available for jewelry retailers, from Internet tools to data marketing.

advertisement