Panama: Eli Izhakoff, Chairman of World Jewelry Hub (WJH), shared his views on the development of Latin America’s first specialized jewelry trading center.

Situated in Panama, WJH represents much more than just another business or property development. According to Izhakoff, WJH is a $200 million mega-project that is aimed at elevating Latin America to the status of the world’s next great jewelry market by providing full benefits of a Free Zone dedicated to gemstone and jewelry trading.

The Grand Opening of WJH was held in late April with the official start of regular commercial activity on the trading floor and in the offices of the Panama Diamond Exchange (PDE), which is behind the WJH initiative. For the first time in its history, Latin America has an operating diamond bourse, which has direct access to the full inventory of the members of the 32 diamond exchanges affiliated to the World Federation of Diamond Bourses (WFDB), who collectively handle about 90 percent of diamonds that are traded globally.

“The Grand Opening also had great significance for the international and regional gemstone and jewelry trades, and we were privileged to host in Panama industry leaders from Latin America and across the globe,” Izhakoff said.

While the Phase I building of WJH commissioned lately serves as the headquarters of PDE, the Phase II building is an iconic tower that will change the skyline of Panama City, claims Izhakoff. It will serve as a one-stop-shop for the diamond, gemstone and jewelry trades in Latin America and the world.

The new building will provide variety of office space options, a luxury commercial center, restaurants, meeting and event spaces, and two dedicated floors for the Panama Diamond Exchange. It will be constructed according to the highest degree of environmental sustainability by the end of 2017.

Offices in the WJH Phase II building will be available for purchase, and a by-invitation-only sales campaign will begin in two weeks’ time. The general sales campaign will be launched in July.