The Dubai-based DMCC (Dubai Multi Commodities Center) joined the government of Dubai’s authority on commodities, trade and enterprise in announcing that diamond trade between Israel and the United Arab Emirates has increased by 163 percent over the past year, to $1.75 billion annually.
The news comes as International Diamond Week is set to kick off next week in Tel Aviv.
The UAE has witnessed soaring growth in the sector over the past three years, with rough diamond trade rising 72-percent and polished by 50-percent at the global level.
Israeli diamond companies have been operating out of DMCC since the signing of the Abraham Accords in 2020.
The hub serves as a central address for Israeli companies operating in Dubai from industries including precious metals and stones, financial services, professional services, technology and telecoms and energy.
In Dubai, Israeli companies have the opportunity to expand globally at a quicker pace by leveraging the significant trade connectivity Dubai has with other global trade hubs.
In 2022, the Israel Diamond Exchange opened a representative office in DMCC, marking the first of its kind in the Arab world; it celebrated its first anniversary in February 2023.
The success has been seen in Israel’s diamond and precious stones trade perhaps more than any other.
A cooperation agreement between the Israel Diamond Exchange and the Dubai Diamond Exchange was signed just two days after the signing of the Accords and included an agreement to open offices in each other’s headquarters.
Last May, Israel and the UAE signed the Comprehensive Economic Partnership Agreement (CEPA) which eliminated tariffs on diamonds and precious stones.
“Dubai, via our Dubai Diamond Exchange, has become the global leader in the diamond trade, noted Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC. “This is reflected in the diamond trade numbers with Israel.
“Over the past two years we have witnessed strong growth in Israeli companies setting up in our free zone, as they take full advantage of growing their businesses globally and the vertical integration we bring to the category.
“As the trade relationship grows and matures between Israel and the UAE, we look forward to welcoming more business from Israel in diamonds as well as other key sectors,” he added.
The latest figures were announced just weeks before Israel welcomes the global diamond industry for International Diamond Week, set to take place March 27-28.
Diamond Week includes the first Israel Diamond Conference followed by the Israel International Diamond Exhibition and coincides with Israel hosting the World Diamond Congress, the major event of the World Federation of Diamond Bourses, which is held every three years in different locations around the world.
