UAE - Mubasher: DMCC's Dubai Diamond Exchange (DDE) has inked a collaboration agreement with the Israel Diamond Exchange (IDE) to enhance bilateral trade and apply innovation in the diamond industry.

Under the agreement, Israel's IDE will establish a representative office in Almas Tower in Dubai, and DMCC will inaugurate a sales office in IDE’s headquarters in Ramat Gan in Tel Aviv, according to a press release on Thursday.

The two bourses will also share knowledge and expertise to strengthen regional trade and support the growth of the global diamond industry.

This agreement boosts Dubai's position as one of the world’s leading diamond trading hubs, with a total trade value of rough and polished diamonds of AED 84 billion ($23 billion) in 2019.

The Executive Chairman and CEO of DMCC and Chairman of the Dubai Diamond Exchange, Ahmed bin Sulayem, said: "The United Arab Emirates and Israel are home to two of the Middle East’s most dynamic and innovative economies."

Meanwhile, the President of the World Federation of Diamond Bourses (WFDB) and President of the Israel Diamond Exchange, Yoram Dvash, noted: "Through the World Federation of Diamond Bourses (WFDB) we have come to know and value the leaders of the Dubai diamond industry. The agreement will enable us to build on these relationships to the benefit of the members of our respective bourses."

It is noteworthy to mention that in August 2020, the UAE announced establishing formal diplomatic relations with Israel through the UAE-Israel Peace Accord.