Middle East peace and diamond diplomacy
One of the more under reported geopolitical events is the growing peace between Israel and Arab countries in the Middle East. The United Arab Emerites (UAE) recently established diplomatic ties with Israel which is now extending to commercial ties in the diamond and perhaps gold industry.
From The Jerusalem Post and Dubai Multi Commodities Center executive chairman Ahmed Bin Sulayem:
"Last year, in the wake of the peace deal, he was one of the first from Dubai to hop on a plane to Tel Aviv. He led the DMCC to put in place a representative office in the Israel Diamond Exchange. In January he hosted Alex Peterfreund, co-founder and cantor of the Jewish Council of the Emirates, and Rabbi Dr. Elie Abadi to put a mezuzah at the Israel Diamond Exchange office at the DMCC in Dubai."
The economic coordination is not limited to just diamonds as the UAE is also a major player in the physical gold trade.
More from The Jerusalem Post:
“There has been progress with gold metal. I saw the OECD and others staying quiet. This must happen from trade and industry. I am happy federal government is supporting us and paying attention. We can’t single ourselves out and ban hand-carried gold; this must be inclusive... banning hand carry.”