Dubai to Boost Trade in Colored Stones and Pearls

The Dubai Multi Commodities Centre said it will increase its focus on colored stones and pearls, thereby building further on its extensive portfolio of commodities activities. The move is in line with the significant growth in demand for gemstones in the region, and the DMCC’s significant achievement in developing Dubai’s diamond sector, according to a statement.

DMCC also announced the appointment of Gaiti Rabbani as executive director of the newly created Coloured Stones and Pearls division.

“Dubai is fast emerging as a global hub for the trade in coloured stones and pearls,” said Ahmed bin Sulayem, executive chairman, DMCC. “Consumer demand for precious jewelry, along with growing regional prosperity, has led to increased demand for coloured stones and pearls.”

In the first half of 2006, Dubai exported more than $653 million of precious and semi-precious gemstones, accounting for 28 percent of the UAE’s total exports. Last year, the UAE accounted for more than $6 billion of the $146 billion global jewelry market.

In her new role, Rabbani will be responsible for the strategic development and promotion of Dubai as a global hub for colored stones and pearls, fostering international trade relations, and developing local industry services. Current projects in her portfolio include the Dubai Gems Club, the newly created Dubai Pearl Exchange, and the joint venture initiative – Pearls of Dubai.

Rabbani previously was the chief sales and marketing officer for DMCC and instrumental in the positioning of Dubai on the global commodities map. Her achievements at DMCC include lead participation in the creation of trade services at the Dubai Gold and Commodities Exchange, the Dubai Diamond Exchange, the Dubai Pearl Exchange, the Dubai Gems Club, and the Dubai Tea Trading Centre. Under her guidance, DMCC crossed the 1,000 free zone member company threshold, with the member list including some of the leading international names across various commodities.