Panama's World Jewelry Hub has carried out the first export of finished jewelry manufactured in the WJH Free Zone. The transaction was managed under the center’s expanded free-zone license, which now allows manufacturing facilities within its jurisdiction. “This was a small export, but a giant step for the World Jewelry Hub,” said Mahesh Khemlani, President of the World Jewelry and Diamond Hub, Panama, which recently changed its name from the Panama Diamond Exchange.
Mahesh C. Khemlani has been installed as the new President of the Panama Diamond Exchange (PDE) in an inauguration ceremony conducted on the PDE trading floor. The ceremony, which was held in the presence of diamond exchange members and invited guests, also featured the installation of Ali Pastorini as Senior Vice President. The event was attended by representatives of Panama’s government and diplomatic community.
In a press release, the Panama Diamond Exchange has announced that three of the world's largest diamond companies have opened their Latin American offices in the Panama Diamond Exchange building at the World Jewelry Hub. The companies, which are all De Beers sightholders, include: Diarough, Jewelex and Kiran Gems. They are all among the world's largest manufacturers of polished diamonds and leading diamond wholesalers. "The opening of Panama office is an important step for our company," said Ashit Parikh, President of Emby International/Diarough in New York.
Panama Diamond Exchange directors have elected Mahesh C. Khemlani as the next PDE President. Khemlani has an extensive background in business and government, including a term as Vice Minister of Finance of the Republic of Panama. The PDE Board also approved the appointment of Ali Pastorini, Director of Marketing of the World Jewelry Hub, as Senior Vice President of the Panama Diamond Exchange.
The Panama Diamond Exchange announced that its President, Erez Akerman, will end his term at the head of Latin America's only WFDB-recognized diamond bourse on October 30. He will then become managing director of the World Jewelry Hub, and at the same time will be devoted to managing his own company at PDE, Akerman Diamonds. Akerman has served as Panama Diamond Exchange president since 2008. No reason was given for the sudden departure.
The World Jewelry Hub is certainly not an emergency project and the Latin American market does not require the poor performance of any other market to justify its importance. We are talking of a region of a 600 million people, with fast growing economies, which to date have largely been off our industry’s radar.
A local businessman believes the islands are ideally placed to serve as a hub for diamond trading, being almost on the United States' doorstep. However, the Cayman Islands would face a range of hurdles, including being accepted by the KP, which could take two years, being accepted as a member of the World Federation of Diamond Bourses (WFDB), which could also be a lengthy process, and competition from the recently opened Panama Diamond Exchange. And then there is the somewhat negative public perception of the islands as a tax hideaway.
In its latest move to persuade companies to set up shop in Panama City, a delegation from the Panama Diamond Exchange took a roadshow to the Peruvian capital of Lima, during which its members met and networked with the country’s major jewelry retailers.
Top officers from the World Jewelry Hub's Phase I building, the home of the Panama Diamond Exchange, will be attending the JCK Show in Las Vegas for meetings and other events. The trade fair, North America's largest such event, takes place from May 29 to June 1.
In an interview with Rapaport's Avi Krawitz, Judy Meana, heading the recently inaugurated Panama Diamond Exchange (PDE) as Vice President, sheds more light on the ambitions of the PDE to develop Panama as the pivotal point for the South American diamond and jewelry rough, manufacturing and retail market. Meana believes the region offers great potential with a market of over 600 million consumers, characterized by a fast growing middle class with "an appetite for luxury and brand-name goods".
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.
Samsung Electronics and the World Jewelry Hub signed a memorandum of understanding, pledging to cooperate strategically on providing added value to both organizations, as well as their to respective clients and stakeholders in Panama. The two expect to create a strategic alliance in order to develop and implement projects that provide mutual commercial benefits and encourage loyalty to both brands. In addition, the two organizations agreed to develop projects that will serve local communities and expand corporate social responsibility.
The IRS (Internal Revenue Service) and prosecutors are targeting Sovereign, a management and legal firm that offers "bulletproof" schemes for hiding assets offshore. A source from non-profit watchdog Global Financial Integrity calls it "one stop shopping for money launderers". Sovereign sees "nothing immoral" about hiding one's hard-earned money, its website calling it "the essence of rational self-interest". Somewhere Thomas Hobbes is rolling in his grave.
The Panama Diamond Exchange will celebrate the Grand Opening of its Phase I building for the diamond trade from April 27 to 30.
Companies have begun moving into the completed Phase I building of the Panama Gem & Jewelry Center. The building will house 45 international companies, with 14 of the world’s most prominent diamond firms getting settled in the upcoming days.