The Israel Diamond Alternate opened an workplace within the United Arab Emirates’ largest metropolis as we speak.
The Israeli change opened its consultant workplace to the Dubai Diamond Alternate within the Almas Tower. Officers from the Israeli consulate in Dubai attended the ribbon-cutting ceremony, the official Emirates News Agency reported.
Why it issues: Israel’s and the UAE’s diamond exchanges had been among the many first entities to pledge to cooperate following the signing of the Abraham Accords in 2020. Following the normalization deal, the Israel Diamond Alternate and the Dubai Diamond Alternate signed a collaboration agreement. The settlement stipulates the exchanges opening places of work in one another’s international locations.
The UAE and Israel are each large gamers on the worldwide diamond scene. Israel has the most important diamond change on this planet. This week, the Dubai Multi Commodities Middle, which hosts the Dubai Diamond Alternate, mentioned it grew to become the highest global trading hub for tough diamonds. Greater than $22.8 billion price of tough diamonds had been traded there in 2021. Tough diamonds discuss with diamonds that haven’t been lower or polished.
The Dubai Multi Commodities Middle already opened an office in Tel Aviv in late 2020.
