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A Bright Setting for Arab-Jewish Ties; Dubai's 2-Year-Old Diamond Exchange Attracts Dealers From Israel, U.S.
From:
The Washington Post
| Date:
November 5, 2006| Author:
Anjan Sundaram
| Copyright 2006 The Washington Post. This material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post.Copyright information
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As Israelis and Arabs emerge from the war in Lebanon, a booming
diamond exchange in this Arab country 1,300 miles away is hard proof
that some Arab-Israeli ties have survived despite the region's
tensions.
The two-year-old Dubai Diamond Exchange has put the Persian Gulf
emirate squarely inside a global business dominated by Jewish
traders. And that, inevitably, means trade ties with Israel, another
world diamond hub.
"There has been no visible platform for Arab-Jewish cooperation...
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Dubai Diamond trade topped $3 billion last year.(INTERNATIONAL)
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Dubai making strong strides toward major center status: Dubai is the logical location for the Arab world's first diamond bourse because it serves as a gateway to enormous markets on two continents. As a port of entry for the Persian Gulf states, Iran, the Indian subcontinent and Africa, Dubai has long been an important regional center for gold sales in India and the Far East.
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; The glittering market potential of the Middle East has mesmerized the diamond industry for many years. Now this crucial region has an official presence in the trade, with the March 29 opening of the Dubai Diamond Exchange (DDE). The new bourse will be based in the Almas Tower (from the Arabic word
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