Israeli Diamond Exchange signs agreement with Bahrain's economy minister

By OMRI RON

DECEMBER 4, 2020 19:38

A trader inspects a diamond during a show at Israel's Diamond Exchange near Tel Aviv, Israel (photo credit: REUTERS) — A trader inspects a diamond during a show at Israel's Diamond Exchange near Tel Aviv, Israel

(photo credit: REUTERS)

Khalifa demanded to arrive to Israel to sign the agreement to allow Bahrain to integrate into the the diamond business.

The Israeli Diamond Exchange has reached a memorandum of understanding (MOU) agreement with the Bahraini economy minister on Thursday which will allow Bahrain to integrate into the diamond industry and solidify it in Bahrain.

The agreement was signed with the Bahraini minister of tourism and economy, Zayed Bin Rashid Al Zayani, who arrived alongside a delegation of 40 government officials and businessmen, including the head of the Bahraini stock exchange, Khalifa Bin Ibrahim Khalifa.

Khalifa insisted on coming to Israel to sign the agreement – which is meant to solidify diamond trade and business connections between the countries – to allow Bahrain to integrate into the diamond business.

"We are glad to be working with the Israeli Diamond Exchange and are looking forward to creating trade opportunities in Israel, especially in the field of diamond trade," The Bahraini minister said. "We are also very thankful to the Israeli Diamond Exchange for creating many ways of cooperation between Israel and Bahrain."

"The potential of the Abraham Accords is infinite, and we can learn from the management of the Israeli Diamond Exchange, led by Yoram Dvash, how to bring that potential to fruition," said Ramat Gan Mayor Carmel Shama Hacohen. "The most important thing to take away from this is that we have made peace with people who we can build a better future with."

This is the second event to take place at the Ramat Gan stock exchange, as a Dubai business representation was opened there as well, which will include under its wing 18,000 companies in various business fields, including diamonds, innovation, agriculture, and renewable energy.