According to statistics released by the Dubai Pearl Exchange, a subsidiary of the Dubai Multi Commodities Centre (DMCC), Dubai’s pearl trade rose dramatically last year despite the global economic crisis. The value of the loose pearl trade grew from 22million dhm (approx. $5.99 million) in 2007 to over 95million dhm during 2008 representing a total year-on-year growth of 324%. And experts believe it has more room to grow.
The statistics represent both natural and cultured loose pearls and does not include strung, mounted or those set in jewellery.
Ahmed bin Saleem, Executive Chairman of the Dubai Multi Commodities Centre (DMCC) said, “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.” He Also added, “Events such as the recent World Pearl Forum should enable greater collaboration in the global pearl trade, creating further momentum.”
Since its launch in 2007, Dubai Pearl Exchange (DPE) has contributed significantly to the trading of pearls in the Emirate.
“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 (Pearls, Diamonds and Coloured Stones) – 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. A shift in buyer preferences from the traditional emphasis on gold and diamond has also meant a move towards more classic and elegant designs making the water-based gem a preferred option.”
She added that although the supply of pearls in the market is currently plentiful, top quality pearls will always command a high price as their production is limited.