Construction of Panama Gem & Jewelry Center moves quickly

The pace of construction of the Panama Gem & Jewelry Center is in full swing, prompting many companies to book office space. Panama Diamond Exchange (PDE) has reported brisk interest both regionally and internationally for office space in the first phase of the complex, and in membership and affiliation at PDE itself. The Phase I building will be fully operational by October of this year.

According to Erez Akerman, Panama Diamond Exchange President, there has been a tremendous spontaneous response from companies following the official launch of the Panama Gem & Jewelry Center two weeks ago. "The fact that they had visited the construction site and saw how quickly things are developing made the whole process very urgent for them."

So far, concrete floors and steel girders are in place at the 18,685 square-meter plot in the Santa Maria Business District. The first phase of development involving a two-story building to be the PDE headquarters is moving quick. The building will also provide office space for up to 59 companies.

Phase I is tailored to meet demands of the trade, with services and features like security vaults, weighing stations, gemological services, communications services, meeting rooms, a restaurant, and secure transportation between the center and Tocumen International Airport. Space in the first building will be leased and not sold. The entire complex will be located in the Vaguil Free Zone established by an act of the Panamanian parliament for the benefit of the international gem and jewelry trade. It exempts transactions conducted within its area from payments of customs duties and taxes, and corporations registered in the Free Zone from paying company tax.

The second phase of the Panama Gem & Jewelry Center, which will involve the construction of a multi-story office building, will begin in 2015. Over the coming several months, the PDE President will visit all major industry centers, to meet with candidates for offices in the Phase I building and inform them about the larger development project and membership and affiliation in PDE. He will be visiting Antwerp from April 7 to April 11.

The Panama Diamond Exchange (PDE) is the first and only diamond bourse in the entire region of Latin America. It will anchor the Panama Gem & Jewelry Center.