Panama is currently building the first diamond market in Latin America. The 50 story diamond bourse will include safes, a gemological institute, laboratories, polishing and cutting facilities, and a trading hall.The diamond market is expected to attract 300 traders, and will serve growing markets in Brazil, Chile, Mexico and Argentina. The $200 million project in Panama City is scheduled to be completed in 2024.
Despite modest diamond and gem production in South America, the region has relied on exchanges in the United States and Europe to supply gemstones for jewelery. The creation of a diamond bourse in Panama City will be a tax-free zone and is expected to lower the retail prices of diamonds in Latin America. The creation of a diamond market in Panama City, recognized by the World Federation of Diamond Bourses, will continue to increase Panama’s reputation as a major trade hub in the Americas.
Source:
Panama To Open Up Latin American Diamond Market (Africa.reuters.com)