Pearls put up for auction
The Dubai Pearl Exchange (‘DPE’), a subsidiary of Dubai Multi Commodities Centre (‘DMCC’), has successfully hosted two major international pearl trade auctions at its headquarters in the Almas Tower last week for a total wholesale value over USD 13.5 million.
The first auction, which took place on the 10th and 11th of January, featured white South Sea pearls produced by Paspaley Pearling Co. in association with Cogent Trading. The second auction, held on the 12th and 13th of January, featured a selection of Tahitian and golden South Sea pearls from Robert Wan and Jewelmer respectively. The auctions were successful in attracting more than a 100 pearl traders from over 20 different countries, including representatives from Europe, the USA, the Middle East and Asia.
Commenting on the events, Ahmed Bin Sulayem, Executive Chairman of DMCC, said:
“The success of these two auctions is a testament to the Dubai Pearl Exchange’s continuous achievement in positioning Dubai as a global pearl trading hub and further highlights the region’s deeply-rooted passion for pearls. We are happy to support this great initiative of the pearl producers and look forward to the opportunity of welcoming them back to Dubai.”
Nicholas Paspaley, Chairman of Paspaley Pearling Co, commented:
“The auction has proved to be very successful and our guests have enjoyed trading in Dubai at the Exchange. Hosting this auction in Dubai is in line with our strategy for catering to this very important region where the culture of pearls dates back further than anywhere else. We look forward to hosting similar events in Dubai in the future.”
Robert Wan, President of the Robert Wan Tahiti Group adds:
“Initiatives such as hosting the pearl auction here in Dubai helps integrate the pearl industry more globally which has been traditionally routed in the Far East. With Dubai setting itself up as a hub for trade and retail, Dubai is a natural fit for us for the pearl auction. We have a positive outlook for pearls in this region and are happy to support it from our end.”
Partnering with Robert Wan is Jewelmer. Jacques Branellec, Managing Director, Jewelmer International Corporation, concurs with his partners and adds:
“In Dubai the retail and trade (or wholesale) aspects of the pearling industry is already in place because of a deep appreciation of the product, especially since people have valued the pearl for centuries in the gulf.”
Both events, launched with the objective of bringing the best cultured pearls to the region in the most convenient setting, were by ‘invitation-only’ basis for leading pearl traders, jewellery manufacturers and DPE members.