FinancialsMay 30, 2025
Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment The company plans to raise the prices of select watches to offset the impact of tariffs.
OtherFeb 10, 2014
Panama to open jewelry center in March
The Panama Diamond Exchange will launch the new, yet unfinished, Panama Gem & Jewelry Center next month, and a website has been established so visitors may register and book accommodations for the event.
Panama--The Panama Diamond Exchange will launch the new, yet unfinished, Panama Gem & Jewelry Center next month, and a website has been established so visitors may register and book accommodations for the event.
The launch is slated for March 17 and 18, and those interested in attending may book flights and hotels here.
The Panama Gem & Jewelry Center will be the first dedicated facility for the diamond, jewelry and colored stone trade in the region that includes South and Central America, Mexico and the Caribbean. The first stage of building, which includes a trading floor and offices, is scheduled to be completed by the fourth quarter.
The center will be anchored by the Panama Diamond Exchange, the first and only diamond bourse in Latin America. The bourse is a member of the World Federation of Diamond Bourses (WFDB), having joined the organization in 2008.
Costing more than $200 million to build, the center will include a structure that will house a trading floor and offices of the diamond bourse, as well as extensive office space for companies.
The second phase of the project will incorporate a high-rise tower, which will include a jewelry mall, service providers and offices for diamond, colored gemstone, pearl and precious metals companies.
Industry leaders attending the March launch include Panamanian President Ricardo Martinelli; Eli Izhakoff, honorary president of the WFDB and World Diamond Council; Ernest Blom, president of the WFDB; Gaetano Cavalieri, president of CIBJO, the World Jewellery Confederation; Avi Paz, president of the World Diamond Council; Shmuel Schnitzer, president of the Israel Diamond Exchange; and Reuven Kaufman, president of the Diamond Dealers Club of New York, among others.
“This is a real milestone for the global diamond, jewelry and colored stone industries, and one that ranks in order of importance with the establishment of the trading centers in Shanghai and Dubai. Just as they were catalysts for the dramatic growth of massive new markets, I am confident that the same will be the case for Panama and Latin America,” Izhakoff said.
The Panama Gem & Jewelry Center has received the support of the Panamanian government and parliament, with parliament passing legislation that recognizes the area of the Panama Diamond Exchange as a “free zone,” where residents do not incur customs duties on goods traded within the center and are exempt from paying corporate taxes.
Overall, Latin America’s diamond, jewelry and
colored stone sector is estimated to be worth $8 billion in sales annually, encompassing more than 11,500 jewelry outlets, 320 mining outlets and nearly 750 wholesalers.
“This is a country that is experiencing a substantial economic boom, largely as result of it serving as a hub and world access point for Latin America, which likewise has grown into a major world market force,” said Panama Diamond Exchange President Erez Akerman.
More on Other
The Latest
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable EnvironmentBetween tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ NecklaceDesigned by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.
Policies & IssuesMay 30, 2025
Trade Court Declares Trump’s Tariffs InvalidHowever, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.
Weekly QuizMay 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsMay 29, 2025
Britney Spears Files Trademark for New Jewelry LineThe pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.
Supplier BulletinMay 29, 2025
Inoveo Platinum Grain, Exclusively Distributed by StullerSponsored by Stuller
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
SourcingMay 29, 2025
Grizzly Auctions 6,620-Carat EmeraldIt was featured in the miner’s latest sale, which brought in $24.8 million.
TechnologyMay 29, 2025
GemFind Launches AI Product Description SoftwareGemText AI uses artificial intelligence to generate tailored product titles, descriptions, and tags with jewelry-specific language.
MajorsMay 28, 2025
Graff Unveils New Las Vegas FlagshipThe 3,300-square foot location is the jeweler's largest store in North America.
CrimeMay 28, 2025
8 Convicted in Kim Kardashian Jewelry Heist TrialAging and with myriad health issues, none will serve time for their roles in robbing the billionaire celebrity at gunpoint in 2016.
CollectionsMay 28, 2025
NY Liberty’s 2024 Championship Rings Honor Historic WinThe WNBA team received rings imbued with meaning, from leaf motifs and its Liberty torch to the number of diamonds used.
MajorsMay 28, 2025
Andrew Rickard Named JBT PresidentA longtime executive at RDI Diamonds, Rickard has served on the JBT board for the past five years.
MajorsMay 27, 2025
MJSA to Become Part of Jewelers of America The two organizations have signed an affiliation agreement that’s expected to be finalized in the coming weeks.
AuctionsMay 27, 2025
Al Capone’s Patek Philippe Pocket Watch Back Up for AuctionThe platinum and diamond watch is part of Sotheby’s upcoming Important Watches sale.
AuctionsMay 27, 2025
182-Carat Paraíba-Type Tourmaline Sells for $487K Recovered in Mozambique, “The Kat Florence Lumina” was part of Bonhams’ Hong Kong jewelry auction held last week.
TrendsMay 27, 2025
Amanda’s Style File: Candy-Colored GemstonesGet a taste of the delicious candy-like gemstones in this Amanda’s Style File.
CrimeMay 23, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in BurglariesJSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.
CollectionsMay 23, 2025
Piece of the Week: Bliss Lau’s ‘Bright’ RingFrom Lau’s “Love of a Kind” series, the engagement ring was inspired by the moon and holds a different meaning depending on how it is worn.
GradingMay 23, 2025
GIA Updates Pearl Classification SystemThe lab has adjusted the scale it uses for nacre grading.
Supplier BulletinMay 22, 2025
How to Put Natural Diamonds Back in the SpotlightSponsored by GCAL by Sarine
CrimeMay 22, 2025
NY Jeweler Sentenced in Shoving Death of Colleague at IJO ShowDavid Walton will serve three years’ probation after an incident in a hotel bar led to the death of West Virginia jeweler David Ettinger.
FinancialsMay 22, 2025
Watches of Switzerland’s Full-Year U.S. Sales Climb 14% The retailer also provided an update on how the tariffs situation in the U.S. is affecting its business.
IndependentsMay 22, 2025
Adeler Jewelers Celebrates 50 YearsThe family-owned jeweler in Great Falls, Virginia, will be celebrating its golden jubilee with a year’s worth of events.
Events & AwardsMay 22, 2025
Jose Hess Design Awards Announce JudgesThe nonprofit elected five judges who will decide the winners of its design competition.
MajorsMay 22, 2025
MJSA Releases 2025-2026 Buyer’s GuideThis year’s edition includes articles on the favorite tools of notable designers, evaluating when to outsource production, and more.
