Diamond trade between Dubai and Israel has skyrocketed from zero to $1.75 billion within two years after UAE and the apartheid state signed Abraham Accords for the normalization of ties in September 2020.
Prior to the deal, neither country traded with the other, although diamonds were sold through third parties. Dubai Multi-Commodities Centre (DMCC) stated that the increase in trade demonstrates progress in the relationship between the two nations.
Last year, Israel Diamond Exchange inaugurated its office in Dubai, and Dubai Diamond Exchange (DDE) opened one in Ramat Gan.
Executive Chairman and CEO of DMCC, Ahmed Bin Sulayem, reported that in the last two years, they have experienced a significant increase in investments by Israeli firms in the free zone. He also anticipates an increase in Israeli businesses in UAE as the ties further grow.
Abraham Accords
The Abraham Accords is a peace agreement signed on 15 September 2020, between Israel, UAE, and Bahrain, which was mediated by the US. The agreement marks an important shift in the Middle East by normalizing diplomatic, economic, and cultural relations between Israel and the two Arab countries.
Both countries agreed to further ties with Israel in several areas, including trade, tourism, technology, and security.
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