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Dubai Opens Office in Israel Diamond Exchange

Representative outpost will help bourse members launch UAE operations.
Dec 1, 2020 7:43 AM   By Joshua Freedman, Sonia Esther Soltani
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RAPAPORT... 
The Dubai Multi Commodities Centre (DMCC) has launched a representative outpost in the Israel Diamond Exchange (IDE), paving the way for a deeper trading relationship between the two markets.

The DMCC, a state-funded trading hub that houses a diamond exchange, officially opened the office on Monday in a ceremony in Ramat Gan. The location will help Israeli businesses across all industries establish a presence in Dubai and in the DMCC’s free-trade zone.

“Some may be hesitant [to open in Dubai] for whatever reason,” Ahmed Bin Sulayem, chairman and CEO of the DMCC and chairman of the Dubai Diamond Exchange, told Rapaport News at the launch. “So it’s more to make sure they are up to date with where matters are. They have the knowledge and they take informed decisions.”

Bin Sulayem and DMCC special adviser Martin Leake arrived on the first scheduled direct flight from the United Arab Emirates (UAE) to Israel — a route made possible after the countries reached a peace agreement in August. Shortly following that treaty, the diamond exchanges in Israel and the UAE signed a cooperation deal that will see both organizations launch offices in each other’s diamond centers. Business travel already took place between the locations, but it was always unofficial.

With the closer ties, around 70 Israeli companies across all sectors are now considering opening offices in Dubai, while formal and informal trade delegations between the countries are likely to follow, Bin Sulayem explained.

“I don’t think they’ll wait for us [to organize a trade delegation]. They’ll be coming,” he predicted.

The proximity of the two centers — less than four hours by plane — enables dealers to make short trips to view goods, similar to the quick visits some Israeli buyers pay to Antwerp, noted IDE president Yoram Dvash. The new bond with Dubai also gives Israeli companies access to rough supply in one of the world’s fastest-growing tender centers, an important factor given Israel’s efforts to revive its manufacturing sector.

“Most of the rough from Angola, for example,…is in Dubai [for tender],” Dvash noted.

The IDE, meanwhile, will open its office in the DMCC “in the next few weeks” to support companies that choose to set up a local base in the emirate, he said.

However, with the Covid-19 pandemic raging, the International Diamond Week in Israel, which would probably have welcomed a Dubai delegation, is unlikely to take place in its usual February slot next year, Dvash pointed out.

Image: Ahmed Bin Sulayem (left) and Yoram Dvash. (DMCC)
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Tags: Ahmed Bin Sulayem, DMCC, Dubai, Dubai Multi Commodities Centre, IDE, Israel Diamond Exchange, Joshua Freedman, Joshua Freedman, Sonia Esther Soltani, Martin Leake, Rapaport News, Sonia Esther Soltani , uae, Yoram Dvash
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