Dubai Multi Commodities Centre has announced the opening of the Israel Diamond Exchange’s representative office at the Dubai Diamond Exchange (DDE) in Almas Tower.
Senior representatives and government officials from DMCC, World Federation of Diamond Bourses (WFDB), IDE and the Israeli Consulate in Dubai attended the inauguration.
They include Ahmed Bin Sulayem, Executive Chairman and CEO, DMCC; Ilan Shtulman, Consul General of Israel in Dubai and Boaz Moldawsky, President, IDE.
DMCC said the IDE office is set to increase the ease of doing business for Israeli diamond companies operating in or looking to set up in Dubai.
The opening comes a day after DMCC announced that the UAE has become the world’s largest rough diamond trade hub, with $22.8 billion-worth of rough diamonds traded in 2021. The announcement was made at the fifth Dubai Diamond Conference, which convened over 550 industry leaders to discuss ‘The Future of Diamonds’.
Nearly the entire global diamond industry is in the emirate this week for Dubai Diamond Week, which also includes the inaugural JGT Dubai and the President’s meeting for the World Federation of Diamond Bourses (WFDB).