In another sign that the Abraham Accords, brokered under US President Donald Trump, is living up to the hype, the Dubai Multi Commodities Center (DMCC), the leading free trade center and the Dubai Government Authority for Commodity Trade and Entrepreneurship, reported that the diamond trade between the United Arab Emirates and Israel reached 1.75 billion dollars in 2022, an amount representing an increase of 163% compared to the previous year.

The data is published ahead of the International Diamond Week to be held in Tel Aviv and emphasizes the tightening relations between the two countries and their diamond industries. The stunning growth experienced by the industry in the United Arab Emirates in the last three years was manifested in an increase of 72% in trade in rough diamonds and 50% in polished diamonds on a global level.

Prior to the Abraham Accords, neither country traded with the other, although diamonds were sold through third parties.

Read More: https://t.co/vQpIXDPrNr#Dubai #UAE #Israel #Diamond pic.twitter.com/EXoSZNPArQ

— Umair Ahmed (@umair_ahmed23) March 16, 2023

Israeli diamond companies have been operating within the DMCC since the Abraham Accords were signed in 2020. The activity in Dubai gives Israeli companies an opportunity for accelerated global expansion, thanks to leveraging Dubai's significant trade ties with other global trading centers. In 2022, the Israeli Diamond Exchange inaugurated a representative office at the DMCC, the first of its kind throughout the Arab world, which celebrated its first anniversary just last February.

The success is reflected mainly in the Israeli trade in diamonds and precious stones. This is not surprising, since the cooperation agreement between the Israeli Diamond Exchange and the Dubai Diamond Exchange was signed just two days after the signing of the Abraham Accords, and included an agreement to open offices of each of the partners in the headquarters of the other.

In May, Israel and the United Arab Emirates also signed the Comprehensive Economic Partnership Agreement (CEPA), within the framework of which tariffs on diamonds and precious stones were abolished. According to Ahmed Ben Soleim, senior chairman and CEO of DMCC, "Dubai, through our diamond exchange, has become the world leader in the field of the diamond trade. This is reflected in the diamond trade data with Israel, which amounted to 1.75 billion dollars in the past year.” 

Dubai-Israel Diamond Trade: Zero To $1.75BN In Two Years https://t.co/YjZsw4VCP9

— אריה ויסנברג (@aryevicen) March 19, 2023

“Over the past two years, We are witnessing a significant increase in Israeli companies operating in our free zone, taking full advantage of the benefits of global business growth and the vertical integration we bring to the field. As trade relations between Israel and the United Arab Emirates grow and develop, we look forward to welcoming additional business activity with Israel, both in the field of diamonds and so in other key industries."