Latest news with #BestofPanama
Forbes
11-08-2025
- Business
- Forbes
Panama's Geisha Coffee Sets A Record Price. Its Source Is Worth A Trip
Elida Estate in Boquete, Panama Courtesy of Lamastus Family Estates If there was any doubt that specialty coffee is a luxury good—one whose aficionados prize origin, process, story and excellence—that was extinguished last week. At the international Best of Panama auction, a lot of Geisha coffee from Hacienda La Esmeralda in Boquete was sold for $30,204 per kilogram. That was more than three times the previous record, which was set at last year's auction by the nearby Elida Estate, part of Lamastus Family Estates. The auction, which is organized by the Specialty Coffee Association of Panama, was a success by any measure. Thirty of the auction's 50 lots sold for more than $1,000 per kilogram, and Esmeralda alone took home more than $1.2 million for about 60 kilograms of coffee. 'This result is a testament to the commitment, excellence and global reputation that Panamanian coffee has built,' said Ricardo Koyner of Kotowa, the president of SCAP, in a statement after the auction. It's also the latest leap of a remarkable ascent for a product that barely existed 40 years ago. Aficionados visit Hacienda La Esmeralda during La Cosecha Francesco Assenza With its small growing areas and high labor costs, Panama was never going to be a major player in producing coffee as a commodity. In 1989, during a time of crisis for global coffee markets and the early days of specialty coffee, a small group of Panamanian coffee producers created SCAP, launched the Best of Panama competition and auction (inspired by similar initiatives in Hawaii and Jamaica) and positioned their product as a luxury good. Things took off in 2004, when the Peterson family of Esmeralda introduced the Geisha variety—known first for its delicate, floral flavor profile, and now for its connoisseurship prestige—sparking the rise of Panama on the global stage. In 2007, the auction platform crashed when prices exceeded two digits. Since then, tbey've been climbing ever higher. The families that run the top estates can sometimes seem astounded that they're so far into the five-digit numbers. But they're also leaning into their role as purveyors of an ultra-premium product—and one they're producing in an extraordinarily beautiful place. Members of the Peterson family and coffee pros lead a tasting at Hacienda La Esmeralda Francesco Assenza And just as luxury tourism has taken root among the châteaux and vineyards of Europe's top wine regions, Boquete is emerging as a destination for sipping, tasting and savoring a different beverage—with an excellent coffee-focused visitor center, tasting rooms, historic and contemporary small hotels, and some very good dining. Boquete is a small mountain town in the northwestern province of Chiriquí, less than 40 miles from the border with Costa Rica. Adventure travelers already know it for the Barú Volcano National Park and Los Quetzales Trail, which offers a chance to see the elusive quetzal bird. Old-school luxury hotels like Hacienda Los Molinas cater to them with an outstanding location at the edge of the Cochea River Canyon and a full roster of hikes, tubing and other tours. The region's connoisseurship side shines in other projects, like the historic Hotel Panamonte, which has been a bastion of the good life since 1914. (Queen Elizabeth II was among the notable international guests.) It's still imbued with the personality of one of its original owners, Swedish journalist Vera Elliot, who fell in love with Boquete while on a trip with her husband, 'determined and eager to know the world.' Now it's overseen by her grandson, Charlie Collins, who had already gained international experience as a chef and hotelier when he got involved in 2002. Hotel Panamonte Courtesy of the hotel Collins is one of the most respected chefs in Panama. He's been recognized by international publications, prepared banquettes during the last five presidential administrations and overseen the culinary side of major events like the transfer of the Panama Canal to Panamanian control in 1999. But he runs the place with a gracious simplicity, particularly the restaurant. He named it T'ACH, a word from the indigenous Emberá-Wounaan language and also the title of his last two cookbooks, and uses it to showcase Panamanian cuisine and the hotel's specific, classic style, including Swedish pancakes on the menu at breakfast. An outstanding version of those pancakes appears on the dinner menu as well, topped with local mushrooms and truffles and eaten like tacos. Further up the hill, the new Finca Panda offers a more contemporary take on coffee tourism. Its five freestanding casitas are built among the bushes of its coffee farm, and they have ample decks with jacuzzis and fire pits. Unsurprisingly, the brewing bar in each room is impressive, with different roasts of Geisha and other varieties, and all the highly specific kettles, grinders and other paraphernalia found in serious cupping rooms. (But if it gets overwhelming, you can simply ask them to prepare some for you when they deliver the in-room breakfast.) Reception at Finca Panda Courtesy of the hotel Of course, serious coffee lovers will do their drinking at the source. While Hacienda La Esmeralda is generally not open to the public—with the notable exception of the annual La Cosecha, a multi-day event organized by Panamanian gastro-entrepreneur Jorge Chanis to bring together tourists, producers and aficionados for tastings of the Best of Panama competition winners, education and pop-up restaurant experiences with international guest chefs—a number of the area's other coffee families open their doors. Apart from La Cosecha, the Lamastus family gives tours of its Elida Estate, the previous record holder and a farm where they've been growing coffee for four generations, and the Peréz family uses its Aventura Coffee Estate as a base for guided tastings and tours, breathtaking hikes and a specialty coffee bar. Chanis also recommends the Altieri Specialty Coffee shop in town, Janson Family Farms in Volcán and the farm visits from Café Suárez. Finally, don't expect that $30,000 record to stand for very long. Lamastus and Esmeralda are both having private auctions in the next few weeks, meaning the prices for Geisha coffee could rocket even higher. But the region around them is unlikely to lose its low-key, nature-rooted charm. MORE FROM FORBES Forbes Lisbon's New Fine Dining: 6 Restaurants That Are Better Than Ever By Ann Abel Forbes This Wildly Creative Restaurant Turns Campfire Cooking Into Fine Dining By Ann Abel Forbes This Maverick British Chef Is Rewriting The Rules Of Fine Dining By Ann Abel
UPI
08-08-2025
- Business
- UPI
Panamanian Geisha coffee sets new price record
An expert tastes the finalist Geisha coffees of the Best ff Panama 2025 in Boquete in June. The Geishas from Hacienda La Esmeralda once again made history in the annual competition by setting two new world records: one of 98 points out of 100 in the Washed Geisha category and another of 97 points in Natural Geisha, a score never before achieved by a specialty coffee in any international competition. File Photo by Marcelino Rosario/EPA Aug. 8 (UPI) -- Panamanian Geisha coffee made history again at the recent 2025 Best of Panama international online auction, selling for a record $30,204 per kilogram or $13,705 per pound. The winning lot, a washed Geisha grown by Hacienda La Esmeralda in Boquete, Chiriquí, was purchased by a buyer from Dubai, marking a new high in the global coffee industry, the Panamanian newspaper La Prensa reported. In the natural Geisha category, also from Hacienda La Esmeralda, a buyer from China paid $23,608 per kg., or $10,709 per pound, while in the varietal category, a lot of the Laurina variety sold for $8,040 per kg., or $3,647 per pound, to a buyer in Beijing. In total, 30 of the 50 lots offered exceeded $1,000 per kg., of $454 per pound, generating record sales of more than $2.8 million and an average price of $2,861.20 per kg., or $1, 298 per pound -- more than double the figure recorded in 2024. International buyers played a strong role in the auction, with bids from China, Japan, South Korea, Dubai, the United States, Canada and the United Arab Emirates, among others. The Best of Panama is an international specialty coffee competition and auction organized annually by the Specialty Coffee Association of Panama. Rachel Peterson, who represents the winning farm, called the result "a recognition of the effort of our entire team and the dedication Panama has put into cultivating excellence." Meanwhile, Richard Koyner, president of the Specialty Coffee Association of Panama, said the achievement "undoubtedly positions Panama as the country of the world's finest coffees" and opens new business opportunities for producers across the country. Panamanian President José Raúl Mulino congratulated the coffee growers and said the result puts Panama in a privileged position among the world's most demanding consumers. Geisha is an Arabica coffee variety native to Ethiopia, prized for its floral aromas, fruity notes, bright acidity and silky body. However, in Panama -- particularly in the highlands of Boquete and Volcán -- it has reached exceptional quality, thanks to altitudes above 4,900 feet, volcanic soils and unique microclimates. Geisha's international fame began in 2004, when the Peterson family introduced the variety at the Best of Panama competition, revolutionizing the specialty coffee industry. Since then, it has won awards, broken price records and become known as the "champagne" of the coffee world. The coffee variety holds the record for the highest price ever paid for a coffee at a public auction. It succeeds in a highly competitive international arena that includes coffees from Ethiopia, Colombia, Costa Rica, Guatemala and other countries.
Miami Herald
08-08-2025
- Business
- Miami Herald
Panamanian Geisha coffee sets new price record
Aug. 8 (UPI) -- Panamanian Geisha coffee made history again at the recent 2025 Best of Panama international online auction, selling for a record $30,204 per kilogram or $13,705 per pound. The winning lot, a washed Geisha grown by Hacienda La Esmeralda in Boquete, Chiriquí, was purchased by a buyer from Dubai, marking a new high in the global coffee industry, the Panamanian newspaper La Prensa reported. In the natural Geisha category, also from Hacienda La Esmeralda, a buyer from China paid $23,608 per kg., or $10,709 per pound, while in the varietal category, a lot of the Laurina variety sold for $8,040 per kg., or $3,647 per pound, to a buyer in Beijing. In total, 30 of the 50 lots offered exceeded $1,000 per kg., of $454 per pound, generating record sales of more than $2.8 million and an average price of $2,861.20 per kg., or $1, 298 per pound -- more than double the figure recorded in 2024. International buyers played a strong role in the auction, with bids from China, Japan, South Korea, Dubai, the United States, Canada and the United Arab Emirates, among others. The Best of Panama is an international specialty coffee competition and auction organized annually by the Specialty Coffee Association of Panama. Rachel Peterson, who represents the winning farm, called the result "a recognition of the effort of our entire team and the dedication Panama has put into cultivating excellence." Meanwhile, Richard Koyner, president of the Specialty Coffee Association of Panama, said the achievement "undoubtedly positions Panama as the country of the world's finest coffees" and opens new business opportunities for producers across the country. Panamanian President José Raúl Mulino congratulated the coffee growers and said the result puts Panama in a privileged position among the world's most demanding consumers. Geisha is an Arabica coffee variety native to Ethiopia, prized for its floral aromas, fruity notes, bright acidity and silky body. However, in Panama -- particularly in the highlands of Boquete and Volcán -- it has reached exceptional quality, thanks to altitudes above 4,900 feet, volcanic soils and unique microclimates. Geisha's international fame began in 2004, when the Peterson family introduced the variety at the Best of Panama competition, revolutionizing the specialty coffee industry. Since then, it has won awards, broken price records and become known as the "champagne" of the coffee world. The coffee variety holds the record for the highest price ever paid for a coffee at a public auction. It succeeds in a highly competitive international arena that includes coffees from Ethiopia, Colombia, Costa Rica, Guatemala and other countries. Copyright 2025 UPI News Corporation. All Rights Reserved.
The National
08-08-2025
- Business
- The National
Rich and famous: Rare Dh2 million coffee is coming to Dubai
The highest-rated coffee in the world will soon be available in the Dubai, complete with a sky-high price tag. Julith Coffee & Roastery, which opened its doors in Dubai last week, has paid more than Dh2 million at auction in Panama to secure an exceptionally rare variety. It placed the winning bid at the prestigious Best of Panama competition, claiming a 20kg lot for Dh2,218,785 ($604,080) − the highest price ever paid for auction coffee anywhere in the world. That works out at Dh110,938 ($30,204) per kg, shattering previous records and setting a new benchmark for rarity, quality and value. The beans, a Washed Geisha variety from a high-altitude family farm in Panama, will be roasted in 'extremely limited quantities' at Julith's new roastery brew lounge in Al Quoz. Tasting sessions are expected to be announced in the coming weeks. Julith is a new two-floor concept is headed up by Turkish coffee roasting champion Serkan Sagsoz, who has described the rare record-breaking coffee as 'the absolute pinnacle of flavour, craftsmanship and terroir'. Grown in the mountains of Chiriqui, the coffee achieved an unprecedented 98/100 score in the annual competition, making it Panama's highest-scoring Washed Geisha. Harvested in April, the beans underwent a meticulous 48-hour cold-temperature fermentation followed by climate-controlled drying to preserve the flavour. In all, 549 bids were placed for the lot. When the final hammer fell, Julith came out on top, to back up its ambition to bring the world's rarest coffees to Dubai. 'We can't wait to share this once-in-a-lifetime coffee with those who truly value the artistry behind every cup,' Sagsoz added. Organised annually by the Specialty Coffee Association, the Best of Panama competition gathers the world's finest coffee growers. The top-scoring varieties, evaluated by an international jury, are then auctioned to an elite circle of buyers. Panama introduced the Geisha variety for the first time at the 2004 Best of Panama competition. Since then, it has established itself as the most recognised and expensive coffee in the world.
