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Israel, Dubai diamond exchanges begin strategic collaboration

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The Israel and Dubai diamond exchanges said on Thursday they have signed a strategic agreement to promote cooperation and dialogue between the two bourses.

The agreement was announced two days after Israel and the United Arab Emirates signed an historic agreement to normalize ties and marks a further development in economic collaboration.

The diamond deal was finalized in a video conference ceremony.

As part of the agreement, the Israel Diamond Exchange (IDE) will open a representative office in Dubai and the Dubai Multi Commodities Centre (DMCC) will open an office in Ramat Gan, home to the Israeli exchange.

The two parties will share experience and knowledge, work to promote bilateral trade and collaborate on exhibitions, visits and conferences. They also agreed to arrange an Israeli-Dubai diamond fair to be held in Dubai and Ramat Gan.

Israel is one of the leading exporters of polished diamonds. IDE President Yoram Dvash said that Dubai, with its free zone and convenient business conditions, has become one of the most important diamond centers in the world.

The Dubai Diamond Exchange is part of the government-owned DMCC.

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