Dubai, Tel Aviv to Boost Diamond Trade as UAE-Israel Links Grow

Dubai, Tel Aviv to Boost Diamond Trade as UAE-Israel Links Grow

Dubai, Tel Aviv to Boost Diamond Trade as UAE-Israel Links Grow

(Bloomberg) — Dubai and Tel Aviv, two of the world's biggest diamond-trading hubs, 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 D.C. on Sept. 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 13.2 billion dirhams ($3.6 billion) were traded last year in Dubai, the