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Diamond industry appeals to Panama to promote trade

October 16, 2009

Ramat Gan, Israel--An international delegation of diamond industry leaders met with Panama President Ricardo Martinelli earlier this week, in an attempt to promote the diamond trade in the Central America nation.

According to a press release from the Israel Diamond Institute (IDI) Group of Companies, IDI Managing Director Eli Avidar, Israeli Ambassador to Panama Yoad Magen, World Diamond Council Chairman Eli Izhakoff, Diamond Dealers Club of New York (NYDDC) President Moshe Mosbacher, NYDDC Managing Director Martin Hochbaum and Panama Diamond Exchange President Erez Akerman attended the meeting.

During the meeting, the diamond leaders addressed the need for Panama to pass legislation enabling diamond trade and tax exemptions within its borders, including granting the Panama Diamond Exchange, which opened in October 2008, free-trade zone status for diamonds as well as tax exemption for diamond exports from Panama to the rest of South America.

According to the release, Avidar said at the meeting that the diamond trade in Panama is not organized and, in certain cases, problematic.

Noting that the Israeli diamond industry is seeking a base from which to expand into South America, he said it's imperative this base have a strict rule of law, a stable government and a well-established Jewish community.

"We are looking for the South American equivalent of Hong Kong," he said in the release. "We believe that Panama can serve as an ideal base for Israeli diamond industry activities in South America, just as this country acts as a free-trade zone for other products."

President Martinelli welcomed the collaboration with Israel in the diamond sector and promised that the government would take the necessary steps to bring about a bureaucracy-free diamond trade.

In addition during the meeting, attendees discussed the need for Panama to join the Kimberley Process.

In the name of IDI Chairman Moti Ganz, who did not attend the meeting, Avidar presented President Martinelli membership in the IDI League of Honor, a token of esteem for his efforts in enhancing Panama's relationship with the Israeli diamond industry.
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