DMCC, the Government of Dubai Authority on commodities trade and enterprise, has announced the opening of the Israel Diamond Exchange representative office at the Dubai Diamond Exchange in Almas Tower. The office opening will further strengthen ties between the countries’ diamond industries.

The announcement was made at the fifth Dubai Diamond Conference, which brought together 550 industry leaders to discuss ‘The Future of Diamonds’.

Senior representatives and government officials from DMCC, World Federation of Diamond Bourses (WFDB), Israel Diamond Exchange (IDE) and the Israeli Consulate in Dubai, including Ahmed Bin Sulayem, executive chairman and CEO, DMCC; Ilan Shtulman, consul general of Israel in Dubai; Boaz Moldawsky, president, IDE; Eran Zini, MD, IDE; and Yoram Dvash, president, WFDB, attended the inauguration of the IDE office, which is set to increase the ease of doing business for Israeli diamond companies operating in or looking to set up in Dubai.

The Israel Diamond Exchange has officially opened a representative office in @DDE_by_DMCC. The inauguration included HE @iilansztul, Consul General of @IsraelDubai, @YoramDvash, President of @WFDBTweets and DMCC’s @ahmedbinsulayem. Read more: https://t.co/CLikXLqdqg pic.twitter.com/APeNlDzlVO

— DMCC (@DMCCAuthority) February 23, 2022

The opening comes a day after DMCC announced that the UAE has become the world’s largest rough diamond trade hub, with $22.8bn-worth of rough diamonds traded in 2021. Dubai is also home to the two Kimberly Process (KP) offices in the UAE, making the emirate the only entry point for rough diamonds in the country.

Read: UAE becomes world’s largest rough diamond trading hub