After receiving Kimberley Process Certification Scheme approval for membership last month, the Central American state of Panama has launched a drive to establish all of the essential infrastructure necessary for thriving local diamond industry, Diamond World reported.

World Diamond Council president Eli Izhakoff noted that the Panamanian Government's plans for its local diamond industry include ambitions to become a regional hub for the gem trade for the Caribbean, as well as Central and South America.

To this end, the Panama Diamond Exchange will embark on a project to construct a dedicated complex for diamond trading, to be located in Panama City's newest and most exclusive business neighborhood, according to the diamond exchange's president, Erez Akerman.

Panamanian Minister of Commerce and Industry Ricardo Quijano noted that the yet-to-be-built diamond exchange complex will have a special tax free status, just as do other leading diamond trading centers.