Qatar, Israel reach agreement on diamond trade
Qatar is not part to the Abraham Accords for normalizing ties with Israel, but this did not prevent it from reaching a bilateral agreement with Israel on the trade of diamonds.
The Dec. 13 visit of Prime Minister Naftali Bennett in Abu Dhabi clearly reflected tightening bilateral relations between Israel and the United Arab Emirates. But are relations between Qatar and Israel also changing? A recently reported agreement in the diamond trade suggests they might be.
Qatar and Israel do not have diplomatic ties. Trade relations were first established in 1996, following the Oslo Accords, but were severed in 2009. Furthermore, the Gulf country kept its distance from the 2021 Abraham Accords, normalizing ties between Israel, Bahrain, the UAE, Morocco and Sudan.
According to Israeli and Qatari sources, the two governments have reached a commercial agreement regarding the diamond market: Israel will allow Qatar to formally join the list of countries allowed to trade in diamonds, and Qatar will allow Israeli merchants to enter the country without obstruction and even to establish a formal presence if needed.
The story began three and half years ago, when Qatar tried to convene the Kimberly Process committee, which regulates the global diamond market, and the World Federation of Diamond Bourses, in order to receive permission to trade diamonds on the way to establishing their own exchange. But Yoram Dvash, who was then vice president of the World Federation of Diamond Bourses, and president of the Israeli Diamond Exchange, stopped the move with the help of the United Arab Emirates, which also opposed it.
