Tread carefully and check with your players before decide whether to tie one of your fantasy races to the Jews. You risk raising incredibly awkward parallels, and possibly putting that race into an unintentional position of privilege. Be sure you and your players are ready for the possibilities before you consider moving in that direction.
Plenty of races habitually hate, make war with, and try to wipe each other out. Are the ones that don't get along with the dwarves now your fantasy Nazis, and anyone who points out this is just business as usual and dwarves are nothing special, a holocaust denier? What about rangers? Fantasy racism is tied into the class mechanically, and (for the most part) people are fine with it... what about when one selects dwarves as a favored enemy? Is he now the reviled anti-semite while no other rangers are singled out for special hate and treatment?
When your dwarves do something horrible, or have done something horrible in their past (and it's all races like this, I'm not singling them out), how are you going to avoid turning that fictional tragedy into a parody of the (possibly also fictional) crucifixion of Jesus, and later people's reactions to it? Do you want to avoid that?
Maybe you and your group can take the issues in stride, and maybe find them enriching your experience. But definitely take some time to check into whether anyone in the group is especially sensitive about Jewish people, culture, and history. Check also whether there's anything that is often done to (or done by) individuals and races in your games, that would be arbitrarily restrictive here because you can't have it associated with your fantasy Jews.
Regardless of how it works out, nice to hear of dwarves being something other than viking or russian caricatures for once.