DMCC launches Dubai Pearl Exchange
Dubai Multi Commodities Centre (DMCC) announced today 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 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 US$ 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 per cent rise in world pearl production which touched 1,552 tonnes in 2005. Pearls are a major ingredient in jewellery with a highly elastic consumer price range from US$50 to US$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 Coloured 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 centre 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. It is our mission to make the Dubai Pearl Exchange a world-class trading facility that supports the pearl industry.”
The DPE will facilitate the pearl trade through a “one-stop shop” structured, service-oriented platform, which will foster lasting professional business relationships with major players in the pearl, coloured stones and diamond industry. In addition, 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, the jewellery industry's largest web-based business-to-business facilitator. Created exclusively for the gems and jewellery industry, Polygon helps facilitate the connection between suppliers and buyers worldwide. To support and advance the pearl industry, Polygon is working closely with the Dubai Pearl Exchange to compliment its initiative by developing an online component that will facilitate the trading of pearls.
© 2007 Al Bawaba (www.albawaba.com)