Through its Dubai Diamond Exchange (DDE), Dubai Multi Commodities Centre (DMCC) signed a collaboration agreement with the Israel Diamond Exchange (IDE) on Thursday. The agreement was signed during a virtual conference, following the landmark announcement in August 2020 on the United Arab Emirates establishing formal diplomatic relations with Israel through the UAE-Israel peace accord. The agreement seeks to promote cooperation and dialogue between the two world-leading diamond exchanges and will see the IDE set up a representative office in Almas Tower, Dubai, UAE with DMCC opening a sales office in IDE's headquarters in Ramat Gan, Tel Aviv, Israel. 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 13.2 billion dirhams ($3.6 billion), a figure that rose significantly in 2019 to 84 billion dirhams ($ 23 billion). "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," said Ahmed Bin Sulayem, executive chairman and chief executive officer of DMCC and chairman of the Dubai Diamond Exchange. "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," he added. The two bourses have committed to sharing knowledge, expertise and experience, promoting bilateral trade opportunities, and partnering on exhibitions, visits, and conferences to boost regional trade and support the growth of the global diamond industry. "We are very excited to sign this strategic agreement with DMCC. Dubai, with its Free Zone and convenient business conditions, has become one of the most important diamond centers in the world. This agreement between our two world-class centers will be of enormous value to both sides," said Yoram Dvash, President of the World Federation of Diamond Bourses (WFDB), and President of the Israel Diamond Exchange. "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," he added. — Agencies
