01 Dec 2022
DiamondWorld Directory
-
Home |
News
Home
DMCC announces 'Pearl Exchange': Dubai
DMCC hopes to revive the pearl industry in UAE
By: Diamond World News Service
|
Apr 9 2007 12:00AM
|
Reference: 1287  

DecreaseIncrease

The Dubai Commodities Centre (DMCC) announced April 8 2007 that it is expanding its role in precious commodities by creating the Dubai Pearl Exchange (DPE).

The DMCC hopes to revive the pearl industry in the United Arab Emirates, which in years past, was once well regarded for pearl diving and trading. The new pearl exchange will be overseen by the Diamonds and Colored Stones Division of the DMCC, who are hoping to capitalize on the new interest and rising value of the commodity.

“The pearl industry, which is valued at $ 1 billion in rough form, has witnessed a significant recovery since 2005,” said DMCC CEO Ahmed bin Sulayem. “Pearl prices have shown a continuous upward trend, despite a 23.6 percent rise in world pearl production which touched 1,552 tonnes in 2005. Pearls are a major ingredient in jewelery with a highly elastic consumer price range from $50 to $50,000 per pearl grain.”

Pearl production farms mostly operate in Japan, China, Indonesia, Myanmar, Tahiti, and Australia, and most pearl auctions are taking place in Hong Kong, said Diamonds and Colored Stones executive director Tawfic Farah. He added that the DMCC is “keen on rebuilding the pearl trade

  • in the UAE
  • to attain its historical significance.”

    Farah believes Dubai can eventually eclipse Hong Kong as a destination for pearl trading, by becoming a “one-stop shop,” adding essential value-added services, beyond just an avenue for trade. The DMCC has already partnered with Bahrain's Pearl Laboratory to provide grading services, as well as joint venture Polygon DMCC to provide an Internet trading service to compliment the live exchange.

    “Already a global center for the gold and diamond trade, Dubai’s strategic location, superior industry-specific infrastructure, international standards and best practices, as well as upcoming projects in the pearl trade, provides traders with distinct advantages. It is our mission to make the Dubai Pearl Exchange a world-class trading facility that supports the pearl industry,” he said.

    Membership in the Dubai Pearl Exchange will be limited and first considerations will be given to companies that are licensed by the DMCC, such as the Dubai Gem Club.

    Follow DiamondWorld on Instagram: @diamondworldnet
    Follow DiamondWorld on Twitter: @diamondworldnet
    Follow DiamondWorld on Facebook: @diamondworldnet
    Have Your Say
    * Your view
    * Name:
    * Email:
    * Town/city:
    * Country/State:
    *  Company:
     
    *  Name:
     
    *  Mobile:
     
    *  Email:
     
     
    Subscribe for DiamondWorld weekly Newsletter
     
    Advertisement
    DWWeeklypost
    Search News by City
    Advertisement
    DWsubscription
    Recent Issue
    2022
    AVAILABLE NOW...!
    News in Pictures
    Videos
    Young Diamantaires
    Pictures: 16
    Stunning Jewellery from Cannes 2019
    Pictures: 24
    Sparkly Jewels at Oscars 2019
    Pictures: 19
    Golden Globes 2018
    Pictures: 15
    Spotted: Who Wore What (December 2018)
    Pictures: 4
    India Diamond Week
    Pictures: 8
    Spotted: Who Wore What (October 2018)
    Pictures: 7
    Spotted: Who Wore What (September 2018)
    Pictures: 6
    70th Emmy Awards
    Pictures: 11
    35th India International Jewellery Show 2018
    Pictures: 46
    JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
    Views: 31978
    Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
    Views: 9476
    GJEPC Chairman Interview
    Views: 28096
    IJ Jewellers Choice Design Awards 2012 - Part 1
    Views: 39313
    Promo for IJ Awards 2012 at NDTV Profit
    Views: 57030
    IJ Jewellers Choice Design Awards 2012- Part 2
    Views: 68521
    Couture India 2016 - A Business Boutique Show by IJ Magazine
    Views: 21852
    Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
    Views: 50890
    IJ Jewellers Choice Design Awards 2013 - NDTV Video
    Views: 53061
    Advertisement
    DW News App
    Member of:
    Supporter of: