DMCC launches Dubai Pearl Exchange

The Dubai Multi Commodities Centre (DMCC) is expanding its precious commodities sector, establishing the Dubai Pearl Exchange (DPE), an exclusive trading platform for pearls.

This initiative comes as part of DMCC's objective to revive the UAE's historical status as a leading destination for pearl diving and trading.

Set up 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, COO of the DMCC.

"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," ha added.

The DPE will facilitate the pearl trade through a 'one-stop shop' structured, service-oriented platform. 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. Members of Dubai Gems Club can trade either through the secured trading room facilities at the ISO certified Dubai Gem Certification or via the Internet with the joint venture Polygon DMCC.