DUBAI (Reuters) – The week that Israel and the United Arab Emirates normalised ties, Israeli diamond trader Zvi Shimshi headed to the United Arab Emirates to open a company in Dubai, a regional trade hub that is a major centre for the precious stones.
He is among 38 Israelis whom the Dubai Multi Commodities Centre (DMCC), home to Dubai Diamond Exchange, said have recently contacted it to set up a presence, in a sign of how shifting regional politics could alter global trade dynamics.
Traders in Dubai say they have been inundated with enquiries from Israelis, who traditionally trade in Belgium’s Antwerp — the world’s biggest centre for traders of rough and polished diamonds.
South African company Trans Atlantic Gems Sales (TAGS), which auctions and tenders diamonds in Dubai, had close to 50 Israeli firms interested in participating in tenders register with the company in just a few weeks, said owner Anthony Peters.
“It’s a massive game changer,” Peters told Reuters.
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