Tuesday, following the agreement between Israel and the United Arab Emirates to normalize relations between the two countries, the Ramat-Gan, Israel, and Dubai, UAE, diamond exchanges signed a collaboration agreement during a virtual conference.
The agreement will see the Israel exchange set up a representative office in the Almas Tower in Dubai, with the Dubai Multi Commodites Centre (DMCC) also planning to open an office in the Israeli bourse complex in Ramat-Gan.
“The strategic agreement signed between the Dubai Diamond Exchange and the Israeli Diamond Exchange is an important one that unlocks huge potential for both parties,” said Ahmed Bin Sulayem, executive chairman and CEO of DMCC and chairman of the Dubai Diamond Exchange, in a statement. “This agreement will attract businesses to the emirate as well as boost the regional and international trade of this precious stone.”
He added: “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.”
Said Yoram Dvash, president of the Israel Diamond Exchange—who was also recently elected president of the World Federation of Diamond Bourses—in the same statement: “This agreement between our two world-class centers will be of enormous value to both sides.
“Through the World Federation of Diamond Bourses, we have come to know and value the leaders of the Dubai diamond industry,” he added. “The agreement will enable us to build on these relationships to the benefit of the members of our respective bourses.”
The deal normalizing relations between the two countries, first forged in August, calls for Israel to halt its current plans to annex the West Bank, reports said.
Top: Yoram Dvash (left) and Ahmed Bin Sulayem signing an agreement between the bourses at a virtual conference Tuesday (image courtesy of the Israel Diamond Exchange)
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