Israel and Dubai Diamond Exchanges Sign Strategic Accord
In the wake of the agreement to normalize relations between Israel and the United Arab Emirates, the Israel and Dubai diamond exchanges have signed a strategic agreement of collaboration to promote cooperation and dialogue between the two bourses. The signing ceremony took place this morning in a video conference between the two bourses
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 with the purpose of promoting trade between the two countries and assisting with business requirements.
According to the agreement the two parties will share experience and knowledge, will work together to promote bilateral trading opportunities and will collaborate on exhibitions, visits and conferences to intensify ties. They will also promote collaboration between IDE members and the DMCC and DMCC members and the IDE. Moreover, they agree to arrange an Israeli-Dubai diamond fair to be held in Dubai and Ramat Gan and to cooperate to promote the electronic trade in diamonds.
IDE President Yoram Dvash said, “We are very excited to sign this strategic agreement with the DMCC. Dubai, with its Free Zone and convenient business conditions, has become one of the most important diamond centers in the world. This agreement between our two world-class centers will be of enormous value to both sides. “
Dvash added that he and other Israeli diamond leaders maintain warm personal relations with Dubai diamond leaders. “Through the World Federation of Diamond Bourses (WFDB) we have come to know and value the leaders of the Dubai diamond industry. The agreement will enable us to build on these relationships to the benefit of the members of our respective bourses.”
Ahmed Bin Sulayem, Executive Chairman of the DMCC and Chairman of the Dubai Diamond Exchange, said, “The strategic agreement signed between the Dubai Diamond Exchange and the Israel Diamond Exchange is an important one that unlocks huge potential for both parties. DMCC is tasked by the Government of Dubai to drive global commodities trade through Dubai, and this agreement will attract businesses to the emirate as well as boost the regional and international trade of this precious stone.”
“The United Arab Emirates and Israel are home to two of the Middle East’s most dynamic and innovative economies. 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,” he added.