Construction at the building site of the Panama Gem & Jewelry Center has passed the half-way mark, with a representative of the development team saying that work on the Phase I building of Latin America’s only dedicated diamond, colored gemstone and jewelry trading center is about 55 percent complete.

At the site, which is located in the prestigious Santa Maria Business District between Panama City and Tocumen International Airport, the shell of the two-story building is standing, and workers are busy constructing the inner fittings of the building. Work also has begun on the outer perimeter walls, which will form part of the security perimeter.

The Phase I building of the Panama Gem & Jewelry Center will include the 300 square-meter trading floor and administrative offices of the Panama Diamond Exchange, as well as office space for up to 59 company offices.

According to the Panama Diamond Exchange, about two-thirds of the offices have already been leased by diamond and jewelry companies from across the globe, as well from Panama and the Latin American region.

Construction of the Phase I building is scheduled to end by the beginning of the fourth quarter of 2014, with the official opening of the facility taking place soon after. The second phase of the construction project will begin in 2015, and will include an iconic office tower that will serve as the primary trading centre for Latin America’s gemstone and jewelry business.

The entire area of the Panama Gem & Jewelry Center will be located in the Vaguil Free Trade Zone, which has been recognised by the Panamanian parliament. All business conducted in the free zone will be exempt from customs and duties, and corporations registered in the zone will exempt from patents of company tax.