84 billion dirhams are the value of diamonds traded in the emirate during 2019

The Dubai and Israel Diamond Exchanges sign an understanding to boost regional trade

The two sides signed the memorandum of understanding during a virtual conference.

■ from the source

The Dubai Multi Commodities Center announced the signing of a memorandum of understanding, during a virtual conference, yesterday, between its Dubai Diamond Exchange and the Israel Diamond Exchange.

The center stated, in a statement, that the objective of the memorandum is to enhance cooperation and dialogue between the two leading stock exchanges in the world, according to which a representative office of the Israel Diamond Exchange will be established in the Diamond Tower in Dubai, and likewise the Dubai Multi Commodities Center will open a sales office at the headquarters of the Israel Diamond Exchange in Ramat. Jean in Israel.

Dubai is rapidly becoming one of the world's leading diamond trading centers, as in 2003, the total value of rough and polished diamonds traded in the emirate was 13.2 billion dirhams, a figure that rose dramatically last year to reach 84 billion dirhams.

The Chief Executive Officer and CEO of the Dubai Multi Commodities Center, Ahmed Bin Sulayem, said, “The strategic agreement signed between the Dubai Diamond Exchange and the Israel Diamond Exchange is an important agreement that opens tremendous potentials for both parties. Dubai ».

He added that "this agreement will attract companies to the emirate, in addition to enhancing regional and international trade for this precious stone," noting that "the agreement paves the way for further cooperation across a range of commodities at a very favorable time for development in the region."

We look forward to working side by side with our partners in Israel. ”

For his part, the President of the World Federation of Diamond Exchanges and Chairman of the Israel Diamond Exchange, Yoram Dvash, said, "Dubai, with its free zone and comfortable working conditions, has become one of the most important diamond centers in the world."

He added, "Through this agreement, we will be able to build on these relationships for the benefit of the registered members of both exchanges."

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