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Thursday, February 23 2017 @ 08:15 PM EST

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Panama bourse calling Indian diamantaires

Money Matters By Melvyn Reggie Thomas (TNN) SURAT: After Dubai and Antwerp, Surat and Mumbai-based diamantaires are eyeing a big chunk of the $8 billion diamond market in Latin America. Over a dozen firms have already purchased office space in the Panama Diamond Exchange (PDE) which recently opened on April 30.

Also, for the first time, polished diamonds processed in the world's biggest diamond cutting and polishing centre, Surat, would be directly flown to the newly opened PDE.

About 15-20 Indian diamond and jewellery firms like Rosy Blue, Kiran Gems, Diarough (NV), Bhavani Gems, Interjewel, Jewelex, M Suresh, Niru Group, etc have purchased office space at the PDE and the upcoming World Jewellery Hub (WJH) to cater to the Latin American market.

These companies are joined by over 30 other companies from Israel, Belgium, United States, Italy and Latin America, to make up what already is the largest concentration of diamond and jewelry specialists in all of American continent.

Pankaj Parekh, vice-chairman, Gems and Jewellery Export Promotion Council (GJEPC), who represented India at the inauguration of PDE told TOI, "The diamond bourse and jewellery centre in Panama is set to provide a major boost to the Indian diamond manufacturing centre. Until now, the Latin American market was isolated due to the absence of bourse, but now the diamonds and jewellery from India could directly reach to the consumers and buyers there."

Vallabh Lakhani, chairman of Kiran Gems said, "We want to tap the opportunity to penetrate into the Latin American market. The jewellery market is expected to reach at $10 billion in the next two years."

A lack of diamond bourse forced the Latin American buyers to travel to US and Europe to buy polished diamonds to cater its $8 billion worth of diamond jewellery market.

The entire PDE complex is located in the Vaguil Free Zone, which was established by an act of Panama's Parliament for the benefit of the international gem and jewelry trade, and exempts transactions conducted within its area from payments of customs duties and taxes, and corporations registered in the Free Zone from paying company tax.

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Panama lowers 2014 growth estimate down to 6.3 pct

Money MattersPanama on Sunday lowered its 2014 growth expectation to 6.3 percent, down from a previous estimate of around 7 percent.

Panama's economy grew 8.4 percent in 2013 but has been cooling as $15 billion of infrastructure projects, mainly for the expansion of the Panama Canal, have winded down. Such public works had helped lift economic growth to one of the highest rates in Latin America in recent years.

The expanded waterway, which connects the Atlantic and Pacific Oceans, was originally due to open this year, but disputes over funding and delays have pushed that back to 2016.

On Friday, the government said that in October, the country's economy accelerated at its faster rate so far this year, growing 5.54 percent.

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Panama's Public Debt Rises To $18.39 Billion

Money MattersPanama's public debt was $18.39 billion at the close of September 2014, an increase of 15.8% compared to $15.88 billion from the same time last year. (more)

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Panama Making Progress Against Extreme Poverty

Money MattersThe goal of halving the proportion of the total population living on less than a dollar a day was fulfilled by Panama well before the 2015 deadline. (more)

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Panama's Economy Will Grow By 7% in 2014

Money MattersPanama's economy grew 6.2% in the first six months of 2014, putting the Gross Domestic Product (GDP) at $17.31 billion, or about $1 billion more than the amount registered during the same period last year when it was $16.31 billion, according to reports from the National Institute of Statistics and Census of the Comptroller General of the Republic, and analyzed by the Ministry of Economy and Finance. (more)

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Key Customer Database Erased From Financial Pacific's Computer Servers

Money MattersA criminal complaint for offenses against the security of legal technological information reveals how apparently two databases were completely erased, from the Financial Pacific brokerage house, just as government officials were taking over to protect investors. (more)

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"Forced Liquidation" Of Financial Pacific Ordered

Money MattersOn Monday Panama's Superintendency of Market Securities ordered the forced liquidation of Financial Pacific, following the intervention decreed against the company a few weeks ago. (more)

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"Disorder" Detected In Public Finances

Money MattersIn the twilight of the administration of Ricardo Martinelli, the Ministry of Economy and Finance (MEF) approved the sum of $600 million in outstanding loans without the necessary income to support new spending. (more)

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Former Directors of Financial Pacific Accused Of Irregularities

Money MattersAn employee of the Division of Financial Analysis of the Superintendency of Market Securities blamed the former Directors of the Financial Pacific brokerage firm, Iván Clare y West Valdés, for the poor management of the company, which resulted in a $12 million dollar loss in 2012. (more)

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Price Controls Cause 20% Increase In Other Products

Money MattersThe savings of $58.00 per month promised by the President Juan Carlos Varela after price controls were implement is turning out to be another lie told during a political campaign, according to experts in the field of consumer protection. (more)

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