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PDE gains further support of the Panamanian Government
Panama's Minister of the Presidency meets Eli Izhakoff
By: Diamond World News Service
Oct 13 2014 3:06AM
Reference: 9702  

Panama's Minister of the Presidency, Álvaro Alemán met with Eli Izhakoff, Founding Chairman of the Panama Diamond Exchange, expressing the commitment of the Government of Panama towards establishment of Latin America's first dedicated diamond, colored gemstone and jewelry center, soon to open in Santa Maria Business District.

"The Government of Panama is firmly committed to positioning our country as the primary diamond, gemstone and jewelry hub for all of Latin America, and we will provide both the support and resources to make this happen," said Mr. Alemán. "In this respect, we consider the Panama Diamond Exchange and the Panama Gem & Jewelry Center to be projects of national importance, and we will do as is required to ensure that they grow and develop along with the jewelry sector in the entire region."

At the meeting held on October 10, Mr. Izhakoff was joined by Erez Akerman, PDE President; Diego Vallarino, Vice President of Real Estate Development at Grupo VerdeAzul, which is developing the Panama Gem & Jewelry Center; and Juan Manuel Henriquez, the General Manager of the Panama Gem & Jewelry Center project at Grupo VerdeAzul.

"We have been most fortunate to have enjoyed the backing of the Panamanian Government from the very beginning," said Mr. Izhakoff. "The success of the venture will to a great degree depend on the creation of a legal and financial environment that is optimal for our industry, and the Government has gone out of it way to make that happen.”

The $200 million Panama Gem & Jewelry Center will be anchored by the Panama Diamond Exchange, the region's first and only official recognized diamond bourse. It is the largest and most ambitious development project ever undertaken on behalf of the jewelry and gemstone trades in Latin America, and will serve as a trading hub for both regional and international companies. Construction of Phase 1 of the center is almost complete, with the first building set to open in December.

The entire complex will be located in the Vaguil Free Zone, which was established by an act of the Panamanian parliament for the benefit of the international gem and jewelry trade.

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