Israeli Representatives Attend Prestigious Doha Diamond Conference

For the first time, an Israeli delegation attended the International Diamond and Gem Conference in Doha, Qatar, marking a significant step in economic engagement between the two nations. The delegation, led by Nissim Zuaretz, president of the Israel Diamond Exchange, and Eran Zini, CEO of the exchange, participated openly, entering Qatar with Israeli passports a previously unthinkable occurrence.

The invitation, extended by Qatari Minister of Commerce and Industry Faisal Al-Thani, was issued a month before the recent ceasefire with Hamas, demonstrating Qatar’s growing interest in fostering business relations beyond its traditional diplomatic stance. During the event, which took place at The Ned Doha Hotel, Israeli representatives were seated prominently alongside senior Qatari officials, including Prime Minister Mohammed Al Thani, Dr. Ahmed al-Saad, and Saad Al Kharji, signaling a notable shift in regional engagement.

Zuaretz described the discussions as cordial and forward-looking, stating that Qatar has the potential to become a major hub in the diamond trade, much like Dubai. “We are at the beginning of a process with the Qataris for many business opportunities, not only in the field of diamonds,” he said.

The Israeli diamond industry, a cornerstone of the country’s economy for over 80 years, has faced increasing competition from the UAE’s Dubai Multi Commodities Center (DMCC). With Qatar now emerging as a serious player in the diamond sector, the regional market dynamics are shifting. Israeli diamond exports dropped 33.1% in 2024, partly due to the war, but Israel remains a global leader in quality and expertise.

Zini acknowledged the rising competition but emphasized Israel’s longstanding reputation for producing the world’s finest diamonds. While the UAE and Qatar bring substantial financial and logistical capabilities, Israel’s technical expertise and legacy in the industry remain unmatched.

Beyond diamonds, Qatar has a complex history of relations with Israel. Despite previous diplomatic fluctuations, including the closure of Israeli missions in 2000 and 2009, Qatar has maintained backchannel ties, especially in security and mediation efforts. With economic collaboration now taking center stage, the diamond connection could pave the way for further engagement possibly even normalization in the future.

The UAE’s journey to normalization through trade offers a compelling precedent. As Zuaretz noted, “Even before the Abraham Accords, there were diamond agreements with Dubai. The global market understands that if you want to be a significant player, you need to have a connection to Israel.”

Israel’s expertise and economic strength continue to attract regional interest. Share this article and subscribe to our newsletter to stay informed on Israel’s expanding global partnerships.