Dubai Pearl trade Increases 300% in 2008

The Dubai Pearl Exchange (DPE), a subsidiary of the Dubai Multi Commodities Centre (DMCC), Tuesday announced that Dubai’s pearl trade more than quadrupled during 2008. The DPE was launched in 2007.

Reports from the Statistics Department of Dubai World indicate that the value of the loose pearl trade in Dubai grew from AED 22 million ($5.9 million) in 2007 to more than AED 95 million ($25.9 million) during 2008 representing a total year-on-year growth of 324 percent.

Import of pearls, both natural and cultured, increased in value from AED 15.6 million ($4.2 million) in 2007 to AED 50.1 million ($13.6 million) in 2008 while re-export increased from AED 6.4 million ($1.7 million) to AED 45.6 million ($12.4) million) during the same period.

Dubai’s total pearl trade in 2006 was AED14.9 million ($4 million). The statistics represent both natural and cultured loose pearls and does not include strung, mounted or those set in jewelry.

“It is evident that the pearl trade has experienced significant growth in recent years and that there is great potential for further growth both globally and in the region,” said Gaiti Rabbani, executive director – Precious Gems (Pearls, Diamonds and Coloured Stones) – DMCC.

“The global trend has also been reflected in the broader Middle East and the Indian sub continent with a shift towards higher quality pearls such as South Sea, Tahitian and Natural pearls. A shift in buyer preferences from the traditional emphasis on gold and diamond has also meant a move towards more classic and elegant designs making the water-based gem a preferred option.”