Israeli diamond exchange opens office in Dubai
The Israeli and Emirati diamond sectors pledged to do business together following the signing of the Abraham Accords.
The Israel Diamond Exchange opened an office in the United Arab Emirates’ largest city today.
The Israeli exchange opened its representative office to the Dubai Diamond Exchange in the Almas Tower. Officials from the Israeli consulate in Dubai attended the ribbon-cutting ceremony, the official Emirates News Agency reported.
Why it matters: Israel's and the UAE’s diamond exchanges were among the first entities to pledge to cooperate following the signing of the Abraham Accords in 2020. Following the normalization deal, the Israel Diamond Exchange and the Dubai Diamond Exchange signed a collaboration agreement. The agreement stipulates the exchanges opening offices in each other’s countries.
The UAE and Israel are both big players on the international diamond scene. Israel has the largest diamond exchange in the world. This week, the Dubai Multi Commodities Center, which hosts the Dubai Diamond Exchange, said it became the top global trading hub for rough diamonds. More than $22.8 billion worth of rough diamonds were traded there in 2021. Rough diamonds refer to diamonds that have not been cut or polished.
