The recent tender by the Dubai Pearl Exchange generated sales of more than $1 million wholesale value, with some single pieces achieving over $50,000 per piece, according to the Dubai Multi Commodities Centre.
More than 40 companies attended the first ever invitation-only industry tender by the Dubai Pearl Exchange, including representatives from Europe, the U.S., the Middle East, and Asia.
“Considering the current economic climate the result of the gem quality and natural pearl tender was pleasing with particular interest in the natural pearls, strands of significant rarity and important single pieces.” said Gaiti Rabbani, executive director, Precious Gems (Pearls, Diamonds and Coloured Stones), DMCC. “The Dubai Pearl Exchange’s inaugural tender of rare cultured and natural pearls has successfully channelled the pearl trade to Dubai and in doing so underscored the UAE’s historic and ongoing relevance in the international market.”
The invitation-only event took place from Feb. 12-16, just prior to the inaugural World Pearl Forum in Dubai and hosted top pearl buyers from the international trade, leading jewelry design brands, and members of the Dubai Pearl Exchange.
Highlights of the sale included a rare drop pair of Paspaley natural pearls purchased by Swiss Pearls of Switzerland and a set of cherry colored Robert Wan Tahitian pearls for strand and earrings bought by Shafiian Gem. Pearls of Nippon purchased a pink cultured south sea pearl strand from Paspaley as well as a gold cultured south sea pearl strand from Cogent.
The Dubai Pearl Exchange is a subsidiary of the Dubai Multi Commodities Centre, a Dubai Government initiative.