The Israeli and Dubai diamond exchanges announced Thursday they had struck a deal to boost trade, just days after Israel signed breakthrough agreements with the United Arab Emirates and Bahrain at the White House to normalize their relations.
With the U.S.-brokered agreements, the UAE and Israel are taking their quiet economic ties public for the first time. The UAE announced the end of its boycott of Israel last month, allowing commerce to flow between the oil-rich Emirates and Israel. Already, Emirati and Israeli banks and research firms have rushed to sign agreements.
Israel, once the world's largest diamond sales center, remains a major leader in the polishing of large diamonds and is home to a booming high-tech sector. Dubai, a regional financial hub, also hosts an emerging diamond trade. The industry there has grown from an export trade of $3.6 billion in 2003 to $23 billion in 2019.