He is among 38 Israelis whom the Dubai Multi Commodities Centre , home to Dubai Diamond Exchange, said have recently contacted it to set up a presence, in a sign of how shifting regional politics could alter global trade dynamics.
Before last month’s U.S.-brokered accords that saw the UAE and Bahrain become the first Arab states in a quarter century to establish formal ties with Israel, trade between the centres was small and discreet due to regional political sensitivities. Like in past visits over the last decade, Shimshi entered the Gulf Arab state on a German passport but has filed company registration documents using his Israeli passport and said he plans to move his business activity to Dubai.
Antwerp, which saw total diamond trade of $37.1 billion last year according to the Antwerp World Diamond Centre , has kept its share of the rough diamond market steady since 2017, Kimberley Process figures show, while Dubai’s share has risen. Rentmeesters said Dubai is a rival in terms of rough diamond trade, and looser regulations and the ease of setting up a company could be a draw, but she did not see Dubai overtaking Antwerp.In terms of polished diamonds, Rentmeesters said the value of polished trade through Dubai has been falling since 2012.DMCC figures show Dubai imported $4.2 billion of polished diamonds in 2018, down from $7.3 billion in 2012 – and exported $3.96 billion in 2018 compared to $5.35 billion in 2012.
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