Editor’s Note
This article explores the potential shift of Israeli diamond traders from Antwerp to Dubai, highlighting Dubai’s significant $21.2 billion annual diamond trade and the growing interest from Israeli professionals following the peace agreement.
Will Israeli diamond traders leave Antwerp and set up shop in Dubai?
A little-known figure in international trade: Dubai trades over $21.2 billion worth of diamonds annually worldwide and possesses unique expertise recognized by all. Diamond traders based in Israel, on the other hand, sell over $12 billion annually worldwide.
According to information from Dubai, professionals in Israel’s diamond sector, since the signing of a peace agreement, increasingly wish to turn towards Dubai, establish themselves there, and potentially gradually abandon one of Antwerp’s very famous districts.
The Antwerp Diamond District, or Vestingstraat of Antwerp, is an area located at the foot of Antwerp’s central station. It is known as the global diamond platform. 70% of the world’s diamonds pass through Antwerp. It notably houses the Diamantclub van Antwerpen, the world’s main exchange for rough and polished diamonds. This district contains 1,700 diamond companies, 4,500 diamond traders, and over 10,000 residents.
This district has existed since the 15th century; however, the development of trade and the first diamond flows appeared in 1886.
There are four diamond exchanges among the most important in the world located in this district: the Beurs voor Diamanthandel, the Diamantclub van Antwerpen, the Vrije Diamanthandel, and the Antwerpsche Diamantkring.
In the same week that Israel and the United Arab Emirates normalized relations, Israeli diamond trader Zvi Shimshi headed directly to the Emirates to open a company in Dubai, a regional commercial hub and a very important center for precious stone trading.
He is one of 38 Israelis hosted by the Dubai Multi Commodities Centre (DMCC) at the heart of the Dubai Diamond Exchange, who are said to have recently been contacted to establish a permanent presence there. This is a clear indication of how regional diplomatic policies are likely to profoundly alter the dynamics of global trade.
Dubai traders say they are flooded with information requests from Israelis who usually work with Antwerp, Belgium – the world’s most important center for polished and rough diamonds.
