Dubai-Israel Diamond Trade: Zero To $1.75BN In Two Years

Dubai’s diamond trade with Israel increased by more than two-and-a-half times in 2022, up from $665.5 million to $1.75 billion.

Israeli diamond companies have been operating in the country since the Abraham Accords normalized relations in September 2020.

Before that there were no official trade links between the two countries, although diamonds were bought and sold through third parties.

“These numbers highlight the blossoming and deepening relationship between the two countries and the diamond industry,” said the Dubai Multi-Commodities Centre (DMCC), home to the Dubai Diamond Exchange.

In 2022, the Israel Diamond Exchange opened an office in Dubai, and the Dubai Diamond Exchange (DDE) opened an office in Ramat Gan, Israel’s diamond capital.

The DDE was founded in 2002 and now challenges Antwerp as the world’s biggest trading hub for rough and polished diamonds.

Israel and the UAE signed the Comprehensive Economic Partnership Agreement (CEPA) in May 2022, eliminating tariffs on diamonds and precious stones.

Ahmed Bin Sulayem, executive chairman and CEO of DMCC, said: “Over the past two years we have witnessed strong growth in Israeli companies setting up in our free zone, as they take full advantage of growing their businesses globally and the vertical integration we bring to the category.

“As the trade relationship grows and matures between Israel and the UAE, we look forward to welcoming more business from Israel in diamonds as well as other key sectors.”