Panama’s Diamond Exchange: the first in Latin America

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diamond01The Panama Diamond Exchange (BDP) was officially presented on March 18 in the Panamanian capital, the first in Latin America, and will begin operations at the end of 2014; it is expected that billions of dollars will go through the Exchange every year and will create some 10,000 jobs, directly and indirectly. The project, with 200 million dollars invested I the infrastructure, will develop a well-organized, regulated diamond trade, both natural and synthetic, which will guarantee consumers a first-rate product at a reasonable price.
It’s good to know, for example, that in just a decade, the Dubai Diamond Exchange reached an annual transaction volume of 40 billion dollars, an amount that approached expectations of 32 billion a year in a period of5 to 7 years. The BDP has been established with the idea of offering services to the sectors of trading diamonds, precious stones and jewelry from Latin America and the Caribbean, to promote and develop the creation of great opportunities for the most prestigious jewelers of the region.
According to the lifetime president of the World Federation of Diamond Exchanges and the World Diamond Council, Eli Izhakoff, the business of diamonds and other precious stones moves some 8 billion dollars yearly in Latin America and with the Panama Diamond Exchange, “the sky is the limit”, clarifying that the new pit won’t sell in “competition” with the other 28 similar Exchanges around the world, but will “share the cake”.
It is hoped that the BDP will begin operations during the last trimester of this year with some 200 businesses enrolled, although its maximal potential could handle between 2,000 and 3,000, all members of the World Federation, which currently has 15,000 affiliates.
The membership registration process in the Panama Diamond Exchange costs 1,800.00 dollars (reimbursable) and the application will be approved or denied by the Board of Directors. The annual payment is 1,200.00 and is payable at the beginning of the Exchange’s operations, allowing you and two other persons access to the Panama Diamond Exchange.
The legal firm of Caporaso & Partners Law Office, located in Panama City, can help you during the procedures, where the interested parties must present the following documents: Payment of 1,800.00 dollars (reimbursable) for membership request; The filled out membership application; Copy of the applicant(s)’ passport; Four photographs; Business license and registration certificate (if available); Proof of home and business address; Copies of the business headquarters’ license; Reference letters from the bank and a copy of the insurance certificate (or a letter from the insurance company).
Likewise, the legal firm of Caporaso & Partners Law Office also offers their services for processing requirements as Affiliates: The filled-out Affiliates application; Four photographs; Business license and registration certificate (if available); Proof of home and business address; Copies of the business headquarters’ license and Reference letters from the bank.
Annual membership of the BDP will be 240.00 dollars per person and must be paid at the beginning of your Exchange operations.