The World Jewelry Hub (WJH), the first dedicated diamond, colored gemstone and jewelry trading center in Latin America, was officially inaugurated this week in the presence of Panama’s head of state, President Juan Carlos Varela, government representatives, industry leaders and more than 350 members of the business from the region and around the world, according to a WJH press release.

The ceremony was held in the first phase building of the $200 million WJH complex, which is designed specifically to serve as the primary business center for the trade in Mexico, South America, Central America and the Caribbean, and the access point to the region for suppliers and buyers around the world.

A key element of the WJH Grand Opening is the “Latin American Diamond & Jewelry Week,” bringing together buyers from 17 Latin American countries with the members of the Panama Diamond Exchange (PDE).

“This is a historic milestone for Panama, Latin America and the international gem and jewelry trade,” said Eli Izhakoff, Chairman of the World Jewelry Hub.