Israeli Diamonds Are Dubai’s Best Friend as Profits Beat Policy - Bloomberg.com

Two women gaze through the eye slits of their black niqabs at the window of Dubai’s latest jewelry store. The glass cases, lit by crystal chandeliers, show gems that include a 52-carat diamond priced at $25 million.

The name of the store’s owner appears only on catalogues and gift bags: Israeli billionaire diamond investor Lev Leviev, who has four other outlets in the emirate under the Levant name.

He is expanding just as Dubai vows to crack down on links with Israel after the January murder of a senior Hamas official that local police blamed on Israeli agents. Separately, companies in the emirate import high-value polished diamonds from Tel Aviv for sale to Gulf neighbors in defiance of a boycott of Israeli goods by Arab nations, including the United Arab Emirates to which Dubai belongs.