In an attempt to revive the pearl industry of Dubai, the Dubai Multi Commodities Centre (DMCC), announced plans to revive Dubai’s traditional pearl farming industry through a joint venture with Australian pearl producer, Arrow Pearl Company.

As per reports, the pearls, will be produced at a farm located off the coast of Dubai, and would be sold under the ‘Pearls of Dubai’ brand.

According to DMCC officials, the pearl exchange was launched last month to tap the global $1 billion rough pearl industry that is controlled mainly through Hong Kong.

The exchange will also provide pearl grading services in partnership with the Pearl Laboratory in Bahrain.