Dubai Multi Commodities Centre said it will further expand its precious commodities sector through the establishment of the Dubai Pearl Exchange, a trading platform for pearls.
DMCC, in a statement, said the initiative is an attempt to revive the United Arab Emirates’ historical status as a leading destination for pearl diving and trading, DMCC said in a statement. Under the auspices of the Diamonds and Coloured Stones Division at DMCC, the pearl exchange will serve as a platform for pearl trading from across the globe, along with auction facilities for pearl traders.
“The pearl industry, which is valued at $ 1 billion in rough form, has witnessed a significant recovery since 2005,” said Ahmed bin Sulayem, DMCC chief operating officer. “Pearl prices have shown a continuous upward trend, despite a 23.6 percent rise in world pearl production which touched 1,552 tons in 2005. Pearls are a major ingredient in jewelry with a highly elastic consumer price range from $50 to $50,000 per pearl grain.”
Sulayem added, “The establishment of the Dubai Pearl Exchange enables DMCC to provide complete infrastructure for members to trade in all precious commodities,” he added.
Tawfic Farah, DMCC executive director for Diamonds and Coloured Stones, said: “As one of the oldest professions, pearl diving has traditional importance in the UAE and the region, and DMCC is keen on rebuilding the pearl trade to attain its historical significance.”
The DPE will facilitate the pearl trade through a “one-stop shop” structured, service-oriented platform, which will foster lasting professional business relationships with major players in the pearl, colored stones and diamond industry. In addition, it will provide pearl grading services through its partnership with the Pearl Laboratory in Bahrain.
Membership in the Dubai Pearl Exchange is limited and priority will be given to DMCC-licensed companies.