International diamond and jewelry industry leaders and heads of the Panama Diamond Exchange (PDE) gathered together in Panama City to launch a US$200 million PDE complex. Upon completion, the complex will serve as both the headquarters of the PDE and as the center of Latin America's diamond, gemstone and jewelry trade.

The finished complex, to be constructed overlooking the Pacific Ocean and adjacent to a highway connecting Panama City's airport to downtown, will include an office tower built above a state-of-the-art diamond exchange. The facility will eventually include a shopping mall with high-end retail jewelry stores. A luxury hotel will also be built adjacent to the complex during the second stage of development.

The turnover of diamonds, precious stones and jewelry projected to be traded within the complex is estimated to be more than US$7 billion per annum. This complex is expected to provide the country with more than 3,000 direct jobs and an additional 10,000 indirect positions. In addition to diamond traders, banks, shipping companies, jewelry wholesalers and manufactures, colored gemstone dealers, etc. are expected to be drawn to Panama City. 

Speaking at the press conference, PDE President Erez Akerman said, "We will provide the region's diamond, gemstone and jewelry sectors the home that it has never had until now, enabling its members to do business without having to travel long distances, in a secure environment where they can speak in their own language."

Among the delegation of international industry leaders attending the launch were: Eli Izhakoff, Chairman of the World Diamond Council; Avi Paz, President of the World Federation of Diamond Bourses (WFDB); Dr. Gaetano Cavalieri, President of CIBJO; Jacob Banda, President of the Diamond Dealers Club of New York; and Alex Popov, President of the Moscow Diamond Bourse. They, together with PDE officials, met with high-ranking Panamanian government officials and discussed the legal framework necessary for regulating the trade of diamonds in Panama. The government officials expressed their commitment to completing the necessary requirements necessary for Panama to become a member of the Kimberley Process.

Avi Paz said, "The formation of the Panama Diamond Exchange in 2006 and its acceptance earlier this year as a WFDB member were the first vital steps in what is a very positive development for our industry. The construction of a designated complex, in which members of the trade can establish permanent offices in Latin America, will provide the physical infrastructure for a vibrant regional trading hub."

Construction is expected to begin in the middle of 2009. The first stage is expected to be completed within 18 months of breaking ground.