Dubai, Israel ink an alliance on diamonds

DMCC WILL ALSO OPEN A SALES OFFICE IN IDE’S HEADQUARTERS

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 (IDE), 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 Ahmad Bin Sulayem, Executive Chairman and CEO of DMCC and Chairman of Dubai Diamond Exchange. The two exchanges will partner on exhibitions, visits, and conferences.

Dubai is fast becoming one of the world’s leading diamond trading hubs. In 2003, the total

This agreement will attract businesses to the emirate as well as boost the regional and international trade of this precious stone.”

Ahmad Bin Sulayem | Executive chairman and CEO of DMCC

value of rough and polished diamonds traded in the emirate was Dh13.2 billion, a figure that rose significantly in 2019 to Dh84 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 we have come to know and value the leaders of the Dubai diamond industry.”