The Panamanian Diamond Exchange (PDE) has signed a memorandum of understanding with the Brazilian Institute of Precious Stones and Metals (Instituto Brasileiro de Gemas e Metais Preciosos, IBGM), the largest association in the Brazilian jewelery industry. By agreement of the parties, the institute will occupy the premises in the building of the first stage of the Panama Gem & Jewelry Center, which will open later this year.
The Memorandum of Understanding was signed by IBGM President Hécliton Santini Henriques and PDE Business Development Director Dirk Blommaert during the Brazilian Feninjer Jewelry Show held in Sao Paulo. According to this document, IBGM, representing the largest national jewelry market in Latin America, will play a key role in promoting the center being built in the city of Panama. The Panamanian Center, in turn, will provide the association and its members with a wide range of benefits in Panama.
"Brazil is the home of the jewelry industry and the market that is important not only for Latin America, but for the global jewelry industry in general. IBGM's participation in the Panamanian Center for Precious Stones and Jewelry is nothing more than an important milestone, "said Eli Izhakoff, the founding chairman of the Panama Diamond Exchange.
"We are pleased to be part of the project, which we are confident will raise the status of Brazil and jewelry trade in Latin America," said Henriquez, "our region is on the threshold of impressive growth. The development of business infrastructure for the jewelery and jewelry industry will stimulate the development of the whole region, and we support it with enthusiasm. "
The Brazilian Institute of Precious Stones and Metals represents 23 state jewelry associations and leading jewelry companies of the country.
Brazil, which accounts for about one-third of the annually produced colored gemstones, also ranks 12th in the world for gold production, is a supplier of diamonds and a promising jewelry consumer market.
Supervised PDE $ 200 million project to build the Panama Center for Precious Stones and Jewelry is the most ambitious initiative ever undertaken in the interests of jewelry trade in Latin America. The center will serve as a trading platform for local and international companies on the market, which today is estimated at $ 8 billion and has 11,500 retail outlets in 20 countries and 23 islands.