The Diamond Exchange between Israel and the United Arab Emirates (United Arab Emirates) has signed a cooperation agreement, which is a recent peace agreement between two Middle Eastern countries.

The Israel Diamond Exchange (IDE) will open a representative office in Dubai, and the Dubai Multi-Commodity Center (DMCC) will set up an office Ramat Gan at a virtual ceremony. The diamond departments of the two countries will also work together to promote trade and agreed to organize an Israel-Dubai Diamond Fair.

IDE and WFDB President Yoram Dvash said: “Through the World Federation of Diamond Exchanges (WFDB), we recognize and value the leaders of the Dubai diamond industry.” “The agreement will allow us to build on these relationships so that we can The members of the exchange benefit."

On August 13, Israel and the UAE reached an agreement on normalization of relations and trade cooperation. After diamond executives quietly traveled between the two countries for a period of time, the peace treaty enabled formal business contacts.