2022 was a good year for the diamond trade between Dubai and Israel, increasing “by more than two-and-a-half times” to $1.75 billion, according to IDEX Online.
Since the signing of the Abraham Accords in September 2020, Israeli diamond companies have been operating in Dubai. During 2022, the Israel Diamond Exchange opened an office in Dubai, and the Dubai Diamond Exchange opened an office in the Diamond Exchange in Ramat Gan.
“These numbers highlight the blossoming and deepening relationship between the two countries and the diamond industry,” said the Dubai Multi-Commodities Centre (DMCC), home to the Dubai Diamond Exchange.
Ahmed Bin Sulayem, executive chairman and CEO of DMCC, said: “Over the past two years we have witnessed strong growth in Israeli companies setting up in our free zone, as they take full advantage of growing their businesses globally and the vertical integration we bring to the category. As the trade relationship grows and matures between Israel and the UAE, we look forward to welcoming more business from Israel in diamonds as well as other key sectors.”
