http://english.al-akhbar.com/content/israeli-diamonds-dubai-diamond-exchange
Published Wednesday, July 17, 2013
While the Arab press is reporting that Arab expatriates are facing deportation from Gulf countries, including Dubai, the Israeli dailyMaariv ran an extensive report on the current honeymoon between Israeli diamond dealers and the Gulf emirate, where they travel frequently on their Israeli passports, without any issues.
The Israeli newspaper quoted one of those dealers as saying that they are “known to all people,” and that they are “welcome to come (to Dubai) anytime they wish.”The Israeli newspaper quoted one of those dealers as saying that they are “known to all people,” and that they are “welcome to come (to Dubai) anytime they wish.” The newspaper identified some Israeli dealers who frequent the Dubai Diamond Exchange (DDE) by name.
Many diamond dealers from Dubai, also according to Maariv, take part in conferences in Israel. A few weeks ago, there were news reports that Peter Meeus, Chairman of the Board of Directors of the DDE, would head a delegation of diamond dealers from Dubai to take part in an International Diamond Week event in the Jewish state in late August. This has stirred nothing short of a storm among BDS groups worldwide.
Shortly after, sources in Dubai claimed that the announcement about Meeus’s participation in the Israeli event was made without his knowledge, and denied that a delegation from Dubai would take part.
Maariv also spoke to Israeli diamond analyst Chaim Ivan Zohar, who visited Dubai several times, most recently two months ago. Zohar said that “they in Dubai do not like publicity,” adding that “they work quietly, and I fear that after the recent announcement, they may not come again” to Israel.
Zohar said that the DDE caters to up to 500 companies, and is the “hub of the diamond trade for Gulf and Arab countries,” adding that “through the DDE, we can sell diamonds to the Arab world and the Gulf countries.”
Dubai’s importance for the Israeli diamond industry stems from the fact that it is opening up at a time when the state is looking for new markets, especially after the decline in the US market due to the downturn. Furthermore, Dubai, in addition to China and Turkey, offers great new opportunities for Israeli diamonds, with thousands of potential deals up for grabs.
Israeli diamond dealers who visited Dubai remarked that the atmosphere there is friendly, and said they never experienced fear or hostility in the Gulf emirate. Some stated that they had entered Dubai using their Israeli passports, in coordination with hosts from the DDE. One said: “They take me from the airport like a diplomat, and I move there freely. But I am not identified as an Israeli, and I have a business card with an address in New York. I speak English and a few words in Arabic, and I am dealt with as an American. At the DDE, they know I’m Israeli, and they have no problem with that.”
They take me from the airport like a diplomat, and I move there freely. But I am not identified as an Israeli, and I have a business card with an address in New York.Maariv’s report mentioned that some Israeli dealers are afraid that the DDE may come to compete with the Israeli diamond exchange, though they in Dubai do not fear such competition.Maariv then quoted Ahmed Bin Sulayem, DDE Executive Chairman, who visited Israel before, as saying, “For our part, Israel is not relevant. Our partners are India, Europe, and Africa.” Bin Sulayem also said that the DDE offers an example of tolerance between Arabs and Jews.
According to the Israeli newspaper, four years before the DDE was established, the diamond trade in Dubai shrank to about $5 billion. However, in previous years, the trade boomed and is today worth $35 billion, with Israeli diamonds moving through the DDE worth some $300 million.
The DDE is the world’s fourth largest exchange of its kind. The export of rough diamonds through the exchange expanded from $2.1 billion in 2009 to $6 billion in 2011, while the export of polished diamonds doubled from $7 billion dollars in 2009 to $14 billion in 2011. By comparison, Israeli diamond exports have fallen, and in the first half of 2012, the decline was around 2 percent.
This article is an edited translation from the Arabic Edition.
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