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Israel and Dubai Diamond Exchanges sign strategic accord

30 september 2020
Yoram Dvash (left) and Ahmed Bin Sulayem sign the strategic agreement.                                    Image credit: IDE

In the wake of the agreement to normalize relations between Israel and the United Arab Emirates, the Israel and Dubai diamond exchanges have signed an agreement to promote cooperation and dialogue between the two bourses via a video conference recently.
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 to promote trade between the two countries.
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 centres in the world. This agreement between our two world-class centres will be of enormous value to both sides.”
“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,” Dvash added.
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."

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished