Weekly Report - 14 May 2015 (WR-15-19)

PANAMA | Diamond Exchange. The Panama Diamond Exchange (PDE), Latin America’s first ever diamond bourse, has formally begun operations. The PDE opened following a US$200m investment in the construction of the World Jewellery Hub (WJH) in Panama City, which will house the new diamond bourse and act as a jewellery Free Trade Zone (FTZ).
The opening of the WJH was attended by President Juan Carlos Varela, who said that it would mark a “turning point” in the global jewellery trade. According to a PDE statement, the WJH will increase Panama’s GDP by 3% and create 3,000 direct and indirect jobs. The PDE is expected to help the US$8bn fine jewellery retail business in Latin America grow to more than US$10bn by 2017.