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World Jewelry Hub in Panama Officially Inaugurated

29 april 2015
The World Jewelry Hub (WJH) in Panama City was officially inaugurated on Monday, with diamantaires and jewelers opening their offices in the Panama Diamond Exchange and members of the trade from across the world visiting to inspect the facilities and the possibility of working with firms based at the WJH.
The Jewelry Hub is a dedicated center that serves the specialized needs of the diamond, colored gemstone and jewelry sectors, and is designed to serve as the primary trading center in Latin America and as the access point to the region for industry professionals from around the world.
Ben Schnitzer, of S. Schnitzer in Israel, said he was optimistic about the market, saying that it held great potential.
Meanwhile, Fabio D'Amico of the Dali Group Panama, said: "This is the start of an adventure. We are very optimistic about the South American market and we believe it has a lot of potential. It needs a lot of work to educate the people about diamonds and jewelry and gemology. South America is a bit of an enigma. It is a blank page and we need to write that page," he added.
Located in the Santa Maria Business District of Panama City, the WJH is home to the Panama Diamond Exchange, the region's only recognized diamond bourse.
WJH has been recognized as a Gemstone and Jewelry Free Zone by the government of Panama, where transactions conducted within it are exempt from duties and other taxes.
The first phase of the WJH complex was completed at the end of 2014. The second phase, which includes the construction of multi-story office tower, is due to be completed by the end of 2017.

By Albert Robinson, from Panama