Dubai sees huge increase in pearl trading despite global downturn

22/03/2010 - Dubai Lifestyle News
Dubai sees huge increase in pearl trading despite global downturn

Posted by Neil King

Dubai Pearl Exchange (DPE) saw a 30 per cent increase in imports last year despite the difficult global economic climate.

The exchange also announced that a total of AED 99.6 million worth of pearls was transacted in Dubai in 2009, up from AED 95 million the previous year.

DPE, a subsidiary of Dubai Multi Commodities Centre Authority (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.

Ahmed bin Sulayem, executive chairman of DMCCA, said: "Pearls are
integral to the history of the region, and DMCCA is working towards revitalising the traditional Arabian pearl trade that once thrived through the ports of the UAE."

DPE seeks to create an active marketplace in Dubai through a member-based trading platform - the Dubai Pearl Tender. The tender facilitates private pearl sales that offer buyers some of the world's most rare and sought-after gems and pearls.

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