While Gaza bleeds under relentless Israeli bombardment, a booming trade flows quietly behind the scenes—diamonds traded between the United Arab Emirates and the Zionist occupation, directly and indirectly funding Israel’s military operations and illegal settlements across occupied Palestine.
According to the opposition outlet UAE71, diamond trade alone channels over $1 billion annually into the Israeli military budget, a figure that helps sustain its war economy and genocidal campaigns.
The Diamond–War Nexus: Profiting from Palestinian Blood
Diamonds have long been a strategic pillar in the Israeli economy. The occupation entity is a global hub for diamond polishing and trading, with Ramat Gan’s Diamond Exchange among the most influential in the world. Since the establishment of Israel in 1948, diamond trade has been deeply entwined with Zionist state-building and military expansion.
After the UAE-Israel normalisation agreement in 2020, this economic collaboration surged rapidly, with diamonds at its core. Within just two and a half years:
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- Rough diamond trade rose by 72%
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- Polished diamond trade increased by 50%
This “economic normalisation” represents not only commercial gain but a direct pipeline of funding for Israel’s war chest, especially as Gaza is besieged and pulverised.
Secret Channels Turned Official: The Role of Dubai
Even before the Abraham Accords, secret diamond deals linked Abu Dhabi and Tel Aviv, facilitated by figures like Ahmed bin Sulayem, head of the Dubai Diamond Exchange. Once conducted through indirect routes via Europe or Asia, the normalisation agreement enabled direct shipping, slashing costs and red tape for Israeli traders.
Key milestones include:
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- A 2020 agreement to link Israel’s and Dubai’s diamond exchanges
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- Opening of reciprocal offices in Ramat Gan (2020) and Dubai (2022)
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- Signing of the UAE-Israel Comprehensive Economic Partnership Agreement, which eliminated diamond tariffs starting April 2023
These developments transformed the UAE into a logistics and finance hub for Israeli diamond traders, particularly for rough stones sourced from Africa, often beyond international scrutiny.
Blood Diamonds and Bombs: Who Really Profits?
Official statistics reveal staggering figures:
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- In 2022 alone, UAE–Israel diamond trade reached $1.75 billion, a 163% increase over the previous year
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- By 2023, diamond trade with the UAE comprised 27% of Israel’s total diamond imports and exports
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- In March 2024, during peak aggression on Gaza, Israel imported $57 million in diamonds from the UAE, accounting for 51% of its total that month
These are not merely decorative stones. Some are used in military technology, others are resold, fueling Israel’s economy and expanding its budget for precision-guided missiles, drones, and smart bombs used in Gaza and beyond.
A Network of War Profiteers
Many players in this trade are former Israeli military and intelligence officers, now using their wealth and networks to strengthen the Zionist war machine. Among them:
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- Boaz Moldawsky, a former Israeli Air Force officer and head of the Israeli Diamond Exchange, who opened the Dubai office in 2022
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- Lev Leviev, diamond tycoon and settlement developer, whose firms like Africa Israel Investments and Danya Cebus have been directly involved in building settlements on Palestinian land
Leviev’s companies have faced international backlash, with UNICEF and Oxfam rejecting donations due to their links with illegal settlements.
From Glitter to Genocide: The Real Cost of Normalisation
Despite UAE promises to promote peace or halt settlement expansion, none of its agreements with Israel include clauses protecting Palestinian rights. Instead, economic ties have flourished, helping sustain the occupation’s infrastructure of violence.
Diamonds glitter in Tel Aviv, but behind their shine lies the blood of Gaza’s children. Each trade deal, each polished gem, is a step closer to another home demolished, another hospital bombed, another massacre excused.
While Palestinians face starvation, siege, and slaughter, diamond revenues keep the occupation alive, arming the very forces that rain fire upon the besieged people of Gaza.
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