Hub for diamond trade.
HUB FOR DIAMOND TRADE. Panama has been admitted to the Kimberley Process for certification of rough diamonds so that they can be marketed
from its territory, which will enable the creation of a Diamond
Exchange, reports Laestrella.com.pa (Dec. 3, 2012). As far back as Sept.
2008 announcements were made for construction of a 50-story building to
house a trading market for diamonds, a gemological institute,
laboratories, cutting and polishing workshops, and a marketing hall.
Panama's accession means it will be consolidated as a regional
center for trade in rough diamonds, building on its geographic position
and connectivity, and legal and financial stability. The Kimberley
Process is an initiative of governments, the diamond industry and civil
society to create adequate control of gemstones to market diamonds that
are not "blood diamonds", ie outside of the market, obtained
in war zones or by the use of slaves.