Dubai, Tel Aviv set to grow diamond trade under new deal

Dubai, Tel Aviv set to grow diamond trade under new deal

Dubai Diamond Exchange says it will cooperate with the Israel Diamond Exchange in Tel Aviv

Dubai and Tel Aviv, two of the world's biggest diamond-trading hubs, have agreed to share expertise, open reciprocal offices and promote regional trade in the precious stones.

The United Arab Emirates' Dubai Diamond Exchange will cooperate with the Israel Diamond Exchange in Tel Aviv, the Dubai government's commodities authority DMCC said in a statement.

The deal follows an agreement between the UAE and Israel to work toward establishing normal relations, which the countries signed in Washington DC on September 15.

“This agreement paves the way for further collaboration across a range of commodities,” Ahmed Bin Sulayem, chairman of the Dubai Diamond Exchange, said Thursday in the statement.

Rough and polished diamonds valued at AED13.2 billion ($3.6 billion) were traded last