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Dubai Pearl Trade Posts 324pc Growth in 2008

Reports from the Statistics Department of Dubai World indicate that the value of the loose pearl trade in Dubai grew from Dh22 million in 2007 to over Dh95 million during 2008, registering a total year-on-year growth of 324 per cent. Import of pearls, both natural and cultured, increased in value from Dh15.6 million in 2007 to Dh50.1 million in 2008, while re-export increased from Dh6.4 million to Dh45.6 million during the same period. Dubai’s total pearl trade in 2006 was Dh14.9 million. The statistics represent both natural and cultured loose pearls and do not include strung, mounted or those set in jewellery.

Since its launch in 2007, the Dubai Pearl Exchange, or DPE, has contributed significantly to the trading of pearls in the Emirate.

“Launching a pearl exchange in Dubai was a significant factor in drawing the pearl trade to Dubai and underscoring the UAE’s historic and ongoing relevance in this international market,” explained Ahmed bin Sulayem, Executive Chairman, Dubai Multi Commodities Centre (DMCC). “Events such as the recent World Pearl Forum should enable greater collaboration in the global pearl trade, creating further momentum.”

The exchange has facilitated private pearl sales including the recent Dubai Pearl Tender which offered buyers some of the world’s rarest and most sought-after gem-quality natural and cultured pearls. This platform has grown steadily in its first year, resulting in an exponential growth in pearl trade during 2008, a Press statement said.

Trade of natural pearls in Dubai has witnessed a monetary growth of over ten times, driven by imports through Hong Kong and Switzerland, in addition to exports to new markets including Australia, Switzerland and the United Kingdom. The cultured pearl trade in Dubai has been driven through imports from Australia and Singapore, along with exports to a variety of diverse markets such as Hong Kong, Japan, Spain, Australia, Thailand, Turkey and the United Kingdom.

“It is evident that the pearl trade has experienced significant growth in recent years and that there is great potential for further growth both globally and in the region,” said Gaiti Rabbani, Executive Director - Precious Gems - DMCC. “The global trend has also been reflected in the broader Middle East and the Indian sub continent with a shift towards higher quality pearls such as South Sea, Tahitian and Natural pearls.”

business@khaleejtimes.com