Dubai: Two of the biggest players in the global diamond trade, Dubai and Israel, have struck an alliance through their diamond exchanges. The Dubai Diamond Exchange has signed a collaboration agreement with Israel Diamond Exchange, and which will see the latter set up a representative office in Almas Tower, Dubai.
In return, DMCC, the free zone that hosts Dubai Diamond Exchange, will also open a sales office in IDE’s headquarters in Tel Aviv. Dubai's trade in rough and polished diamonds were valued at Dh84 billion last year.
“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,” said Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC and Chairman of Dubai Diamond Exchange.
The two exchanges will partner on exhibitions, visits, and conferences to boost regional trade and support the growth of the diamond industry.
Dubai is fast becoming one of the world’s leading diamond trading hubs. In 2003, the total value of rough and polished diamonds traded in the emirate was AED 13.2 billion (USD 3.6 billion), a figure that rose significantly in 2019 to AED 84 billion (USD 23 billion).
According to Yoram Dvash, President of the World Federation of Diamond Bourses and President of the Israel Diamond Exchange, said: “Through the World Federation of Diamond Bourses (WFDB) we have come to know and value the leaders of the Dubai diamond industry.”