The Peace Effect: 38 Israeli Diamond Traders Approach Dubai’s Exchange
The strengthening relationship between Israel and Dubai is already affecting the diamond trade: According to IDEX Online, diamond traders from Israel “are flocking to set up offices in Dubai”. 38 Israeli have approached the Dubai Multi Commodities Centre (DMCC), home to the Dubai Diamond Exchange, with a request to set up offices there.
The historic normalization agreement, signed in September, has opened the possibility of direct flights and bank dealings with the UAE. In addition, the Israel Diamond Exchange (IDE) is said to understand that “companies in Dubai are interested in opening offices at Ramat Gan but it has yet to receive specific requests”.
Following the governments’ move to normalization, the IDE and the Dubai diamond exchange signed an historic agreement last month “to share experience and knowledge, open offices in each other’s bourse, promote trade opportunities and jointly host an Israeli-Dubai diamond fair”.