The Dubai and Israel Diamond Exchanges sign a memorandum to boost regional trade

The Dubai Multi Commodities Center, a free zone operating globally and the authority of the Dubai government in the field of commodity and enterprise trade, announced the signing of a memorandum of understanding today between its Dubai Diamond Exchange and the Israel Diamond Exchange to enhance regional trade.

The memorandum - which was signed during a virtual conference - aims to enhance cooperation and dialogue between the two leading stock exchanges in the world, according to which a representative office for the Israel Diamond Exchange will be established in the Diamond Tower in Dubai. Likewise, the Dubai Multi Commodities Center will open a sales office at the headquarters of the Israel Diamond Exchange in Ramat Gan in Israel.

Dubai is rapidly becoming one of the leading diamond trade centers in the world. In 2003, the total value of rough and polished diamonds traded in the emirate was 13.2 billion dirhams / 3.6 billion US dollars /, a number that rose dramatically in 2019 to reach 84 billion dirhams / 23 billion US dollars. /.

Ahmed Bin Sulayem, CEO and CEO of the Dubai Multi Commodities Center, said that the strategic memorandum signed between the Dubai Diamond Exchange and the Israel Diamond Exchange is important and opens up tremendous potentials for both parties. The Dubai Multi Commodities Center is mandated by the Dubai government to drive global commodity trade through Dubai and this memorandum will attract companies. To the emirate in addition to promoting regional and international trade of this precious stone.

Bin Sulayem added, "The economies of the United Arab Emirates and Israel are two of the most dynamic and innovative economies in the Middle East, and this memorandum paves the way for further cooperation across a range of commodities at a very favorable time for development in the region ... looking forward to working side by side with our partners in Israel." "

The two exchanges have committed themselves to exchanging knowledge and experiences as well as enhancing opportunities for mutual cooperation and establishing partnerships at the level of exhibitions, visits and conferences with the aim of enhancing regional trade and supporting growth in the global diamond industry.

For his part, Yoram Dvash, President of the World Federation of Diamond Exchanges and Chairman of the Israel Diamond Exchange, expressed his happiness at signing this memorandum with the Dubai Multi Commodities Center .. noting that Dubai, with its free zone and comfortable working conditions, has become one of the most important diamond centers in the world, and this memorandum between our two global centers will be of value. Dafash said: "From the World Federation of Diamond Bourses, we are honored to get to know the leaders of the diamond industry in Dubai, and through this memorandum we will be able to build on these relationships for the benefit of the registered members of both exchanges."

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