In the wake of the agreement to normalise relations between Israel and the United Arab Emirates, the Israel and Dubai diamond exchanges have signed a strategic agreement of collaboration to promote cooperation and dialogue between the two bourses. The signing ceremony took place on 17th September in a video conference between the two bourses.
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 with the purpose of promoting trade between the two countries and assisting with business requirements.
According to the agreement, the two parties will share experience and knowledge, will work together to promote bilateral trading opportunities and will collaborate on exhibitions, visits and conferences to intensify ties. They will also promote collaboration between IDE members and the DMCC. They have also agreed to arrange an Israeli-Dubai diamond fair to be held in Dubai and Ramat Gan to promote the electronic trade in diamonds.
IDE President Yoram Dvash said, “We are 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.”
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. This agreement will attract businesses to the emirate as well as boost the regional and international trade of this precious stone.”
Caption: Yoram Dvash, IDE President (left) and Ahmed Bin Sulayem, Executive Chairman, DMCC and Chairman, Dubai Diamond Exchange (right) sign the strategic agreement.