The formation of a pearl exchange and a shift in buyer preference away from gold and diamonds have helped Dubai’s pearl trade more than quadruple during 2008, says the Dubai Multi Commodities Centre (DMCC).
According to the Statistics Department of Dubai World, the loose pearl trade in the emirate grew to more than $25 million (all figures US) in 2008 from almost $6 million the previous year, representing a growth of 324 per cent.
Imports of both natural and cultured pearls increased to $13.6 million from $4.2 million, while re-exports grew to $12.4 million from $1.7 million. These numbers represent natural and cultured loose pearls.
“It is evident 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, DMCC’s executive director for precious gems (pearls, diamonds, and coloured stones).
“The global trend has also been reflected in the broader Middle East and the Indian subcontinent with a shift toward higher-quality pearls such as South Sea, Tahitian and natural pearls. A shift in buyer preferences from the traditional emphasis on gold and diamonds has also meant a move toward more classic and elegant designs, making the water-based gem a preferred option.”
DMCC launched the Dubai Pearl Exchange (DPE) in 2007. It recently held a pearl tender offering some of the rarest and most sought-after gem-quality natural and cultured pearls.
