Israel, Dubai Diamond Sectors Sign Trade Deal

RAPAPORT... Diamond bourses in Israel and the United Arab Emirates (UAE) have signed a cooperation deal following the recent peace accord between the two Middle East countries.The Israel Diamond Exchange (IDE) will open a representative office in Dubai, while the Dubai Multi Commodities Centre (DMCC) will establish an office Ramat Gan, the organizations said Thursday following a virtual ceremony. The two nations' diamond sectors will also work together to promote trading, and agreed to organize an Israel-Dubai diamond fair."Through the World Federation of Diamond Bourses (WFDB), we have come to know and value the leaders of the Dubai diamond industry," said Yoram Dvash, president of the IDE and the WFDB. "The agreement will enable us to build on these relationships to the benefit of the members of our respective bourses."On August 13, Israel and the UAE agreed to normalize relations and cooperate on trade. While diamond executives had quietly been traveling between the two nations for some time, the peace treaty enabled formal business ties.Image: Yoram Dvash (left) and Ahmed bin Sulayem, CEO of the DMCC and chairman of the Dubai Diamond Exchange, at the virtual signing. (Dubai Multi Commodities Centre)