Israel Bourse Opens Dubai Office

RAPAPORT… The Israel Diamond Exchange (IDE) has opened an office in Dubai’s Almas Towers to facilitate business for Israeli diamond companies operating in the country.

The IDE debuted its new location following the Dubai Diamond Conference. It will be located at the Dubai Diamond Exchange (DDE), inside the Dubai Multi Commodities Centre (DMCC), the DMCC said Wednesday.

The opening, which was attended by DMCC CEO Ahmed Bin Sulayem, IDE president Boaz Moldawsky, and Yoram Dvash, president of the World Federation of Diamond Bourses (WFDB), is also set to strengthen diamond-industry ties between the two countries, the DMCC noted.

In September 2020, Israel signed a trade deal with the United Arab Emirates (UAE) following a peace accord. In December of that year, the DMCC launched a representative outpost in the Israeli bourse. Since then, a number of Israeli businesses have opened Dubai offices.

In 2021, rough exports from Israel surged 109% to $1.8 billion. Some $188 million, or 10%, was destined for the UAE, including Dubai.

Image: The new Dubai office of the Israel Diamond Exchange. (DMCC)