By Amit Acco, Senior Partner

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.

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.

The Israeli Diamond Exchange will open an office in Dubai, while the Dubai Multi Commodities Center, an economic free zone, will set up shop in Ramat Gan, Israel, the base of the Israeli exchange.