DUBAI, 8 April 2007 -- Dubai Multi Commodities Center (DMCC) announced yesterday that it will further expand its precious commodities sector through the establishment of 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 Colored 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, chief operating officer at 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."
"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, executive director for Diamonds and Colored Stones, DMCC, said: "While pearl-producing farms span Japan, China, Indonesia, Myanmar, Tahiti, Australia and French Polynesia, the trade and auction of pearls is conducted primarily through Hong Kong. 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." He added: "Already a global center for the gold and diamond trade, Dubai's strategic location, superior industry-specific infrastructure, international standards and best practices, as well as upcoming projects in the pearl trade, provides traders with distinct advantages.
© Arab News 2007
