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Dubai’s Pearl Trade Rises as Imports Up 30pc

Pearl trade rose from Dh95 million last year, driven by a 30 per cent increase in imports. These figures are impressive given the extremely tough economic conditions that were expected to have impacts on trade.

The DPE — a subsidiary of Dubai Multi Commodities Centre Authority, or DMCCA — noted that the trend towards high-quality pearls has increased significantly in Dubai, highlighting a shift in consumer preference towards exclusive pearls.

Consumption levels for pearls in Dubai have also increased over the last year, reflected through lower exports than the previous year. This increase was driven by substantial growth in the natural pearls segment, where volumes increased by 50 per cent and values tripled.

“Pearls are integral to the history of the region, and the DMCCA is working towards revitalising the traditional Arabian pearl trade that once thrived through the ports of the UAE,” said DMCCA Executive Chairman Ahmed bin Sulayem.

“As we work towards this objective, it is encouraging to see significant volumes of pearls traded through Dubai. These latest figures highlighting the growth of the pearl trade are significant, even more so due to the pearl trade having quadrupled in 2008 from 2007. Maintaining this growth within today’s economic climate, when trade is at an all-time low, is a testimony to the robustness of the pearl industry and the efforts DPE and DMCCA have made to support and increase the trade through various initiatives.”

Since its launch in 2007, the DPE has contributed significantly to the trading of pearls in the emirate. Aiming to create an active marketplace in Dubai through a member-based trading platform, DPE launched the Dubai Pearl Tender. The tender facilitated private pearl sales offering buyers some of the world’s most rare and sought-after gem quality natural and cultured pearls.

The DPE platform has grown steadily since its inception, resulting in an exponential growth in pearl trade during 2008, and a subsequent increase in 2009. The DPE’s first-ever Dubai Pearl Tender generated sales of over Dh3.5 million in wholesale value. The tender also saw some single pieces achieving sale prices over Dh150,000.

Trade of natural pearls in Dubai has witnessed monetary growth of over ten times in recent years, driven by imports through Australia and India last year, in addition to re-exports to new markets including Bahrain, Hong Kong and Switzerland.

The cultured pearl trade in Dubai has been driven through imports from countries such as Australia, China and Hong Kong last year, along with re-exports to a variety of diverse markets such as Hong Kong, Australia, Japan, Lebanon and Switzerland.

business@khaleejtimes.com