FREQUENTLY ASKED QUESTIONS
What are the benefits of obtaining a membership or an affiliation in a diamond bourse?
In essence a diamond bourse is an open market that is restricted for the use of its members and the members of other bourses. This means that a bourse member has access to all the goods that are being offered by all other members, and also can negotiate with them in order to obtain the best possible prices. If you are selling diamonds, you are permitted to place your goods on display for all members to see.
At the World Jewelry & Diamond Hub, Panama, an affiliate status has been created, which enables companies or individuals who are only buyers of diamonds to trade directly with all bourse members, as well as to obtain access to the trading floor.
Members of diamond exchanges that are affiliated to the World Federation of Diamond Bourses can access the trading floors of other WFDB diamond exchanges. This means that they can buy from and supply more than 15,000 WFDB-bourse members worldwide, and can tap into more than 90 percent of the diamonds being offered on the world market.
A diamond exchange provides other services and facilities to its members. These include scales, weighing station, and equipment to detect false, treated and synthetic diamonds. Also, in the case of trade disputes, bourse members are able settle them by way of the bourses’ internal judicial systems, where problems can be solved rapidly, without lawyers and other legal costs. Furthermore, judicial decisions in one bourse can be enforced in other WFDB bourses.
What is the commission percentage that the bourse charges?
The bourse does not charge a commission on sales or purchases for its services. A transaction between bourse members involves no additional fee.
Do I have to be a foreigner or local (Panamanian) to enroll?
Membership in the World Jewelry & Diamond Hub, Panama, is open to both Panamanians and non-Panamanians, and both are able to register companies in the World Jewelry Hub Free Zone.
There are a number of visa options for non-Panamanian citizens, including short term visas, temporary resident visas, and permanent resident visas.
Will there be offices for sale?
The first phase of the World Jewelry Hub, which involves two-level structure with space for up to 59 company offices. Offices are leased.
The second phase, which when it opens will comprise a tower block above a base of commercial space and the headquarters of the World Diamond & Jewelry Hub, Panama, will have office space available for purchase.
Does the World Jewelry & Diamond Hub, Panama, sell diamonds, precious metals or other gemstones?
The bourse does not sell any product itself, but rather provides a working environment for buyers and sellers of all gemstone and jewelry products, including rough and polished diamonds, rough and polished colored gemstones, precious metals, jewelry components, finished jewelry and related products. The World Jewelry Hub in which the bourse is located covers the trade in all these products.
Does the World Jewelry & Diamond Hub, Panama, function as a center to assess, certify or determine the value of precious stones?
The bourse provides its members with basic equipment to weigh gemstones. These are located on the trading floor.
And in the World Jewelry Hub, in which PDE is located, there will be gems labs providing a full range of gemological and grading services, and appraisers, who are able to provide a professional evaluation of gemstones and finished jewelry.
How is the process for the admission of merchandise to Panama with destination to the bourse and take it to another country?
Merchandise that is brought in from outside Panama needs to go through an authorized port of entry where there is located a properly equipped customs facility, such as Tocumen International Airport.
A person cannot carry the merchandise on his or her person into the country. He or she needs to hand it over to authorized secure carrier in the duty free area at the port of entry, and later collect their goods at the customs facility in the World Jewelry Hub Free Zone, by providing the receipts they received from the authorized secure carrier at the port of entry. From the customs facility, they can carry the merchandise into the Free Zone themselves.
Merchandise that is shipped using a secure carrier to the World Jewelry Hub is delivered to an authorized carrier at the port of entry, who transports it to the World Jewelry Hub, where it can be collected at the customs facility.
Merchandise that is to be removed from the Free Zone will be delivered to the customs facility in the Free Zone. Merchandise that is to be shipped will be delivered to the authorized carrier in the Free Zone.
People who intend removing duty free merchandise from the country on their person will collect the material at the office of the secure carrier in the duty free area at the port of entry on their way out of the country.
Can customers of the companies that have offices in the World Jewelry Hub enter to buy?
At the outset, it is important to point out that all companies with offices in the World Jewelry Hub must be members of the diamond exchange.
A client of members of the World Jewelry & Diamond Hub may enter the building visit that offices of that member. The client will need to fill in a form before he or she visits and provide certain personal details, so that bourse can run an appropriate security check. When they do enter, they will receive a temporary entry pass, which they will have to return when they leave the building.
Clients who are also are bourse affiliates are allowed to enter the building whenever they want. They not restricted to meeting with only a specific member, but he can visit as many offices as he or she wants, and he or she also is allowed to access the bourse trading floor. Affiliates receive a permanent card to enter the building and do not need to fill in a form each time they come.
If I am a member of the World Jewelry & Diamond Hub, Panama, can I buy and sell in other diamond bourses in the world?
Yes, because the bourse a member of the World Federation of Diamond Bourses, its members have access to all 29 WFDB bourses and in 21 countries.
Can I buy through the internet in the Diamond Exchange?
Internet trading is a work in progress. While there are already quite a large number of companies owned by WFDB-diamond bourse members that offer Internet trading facilities, no diamond bourse yet offers a fully functional online trading floor. A number of considering the possibility, and some already enable members to list goods online.
Is it cheaper to buy at the World Jewelry & Diamond Hub, Panama?
As Latin America’s only diamond exchange, the World Jewelry & Diamond Hub, Panama, is the region’s only open diamond market offering a full range of goods provided by multiple companies. As is the case in any open market, the company offering the most reasonable price is likely to close the deal.
It consequently is reasonable to state that the bourse will consistently provide a trading environment in which Latin America’s best diamonds prices are available.