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Israeli, Emirati Diamond Exchanges Ink Trade Deal

September 18, 2020

by: Kate Norman

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Israel is a world leader in the polishing of large diamonds (illustrative).

Friday, 18 September 2020 | Days after Israel and the UAE signed the Abraham Accords in Washington, cementing their peace and making the Arab state the third to normalize relations with Israel, the Israel and Dubai diamond exchanges announced a new collaboration on Thursday.

Israel and Dubai are both top players in the global diamond industry. This deal will see the two players come together, with the Israeli Diamond Exchange (IDE) opening an office in Dubai and the Dubai Multi Commodities Center (DMCC) opening an office in Israel’s exchange base: Ramat Gan, west of Tel Aviv.

Israel Diamond Exchange President Yoram Dvash said the IDE is “very excited” about the agreement with their Dubai counterpart.

“Dubai, with its Free Zone and convenient business conditions, has become one of the most important diamond centers in the world,” Dvash said. “This agreement between our two world-class centers will be of enormous value to both sides.”

Executive Chairman of the Dubai Multi Commodities Center (DMCC), Ahmed Bin Sulayem, said the agreement is “an important one that unlocks huge potential for both parties.”

“The United Arab Emirates and Israel are home to two of the Middle East’s most dynamic and innovative economies,” Sulayem added. “This agreement paves the way for further collaboration across a range of commodities in what is a very exciting time for development in the region. We look forward to working alongside our partners in Israel.”

The peace deal between Jerusalem and Abu Dhabi has already borne much fruit. Top technology and science institutions from both nations as well as the largest banks have already signed memorandums of understanding. As citizens from both nations exchange warm words of friendship on social media, waving each other’s flags and inviting each other to visit their respective nations, both states are already preparing for tourism, with Israeli airlines booking direct flights to the UAE and UAE hotels and airlines preparing kosher options for their incoming Israeli guests.

The blossoming friendship between the Jewish state and the Emirates is opening the door to a new Middle East.

Posted on September 18, 2020

Source: (Bridges for Peace, September 18, 2020)

Photo Credit: Edgar Soto/unsplash.com