Panama to Launch Latin America’s First Diamond Exchange

The Financial Times said yesterday that this week, Panama will be formally launching the Panama Gem and Jewellery Center, which will be home to the Panama Diamond Exchange (PDE).

The PDE, which will be Latin America’s first diamond exchange, is expected to start trading before the end of 2014.

As quoted in the market news:

A lack of a diamond exchange in the region has meant that Latin American buyers typically had to travel to the US or Europe, or to buy second-hand at a premium, Mr Izhakoff told the Financial Times in emailed responses to questions.

Diamonds will be flown in from places such as New York, Antwerp, Tel Aviv, Dubai, Hong Kong and Mumbai, says Erez Akerman, PDE president.

Exchange members – who are carefully vetted, must provide personal guarantees and adhere to a strict code of conduct – will scrutinise the rough or polished stones under neutral lights in the high-security trading centre before deals can be concluded.

Click here to read the full Financial Times report.