Dubai to revive pearl trading
Dubai Pearl Exchange (DPE), an exclusive trading platform for pearls, is being set up by the Dubai Multi Commodities Centre (DMCC).
The DMCC said it will further expand its precious commodities sector through the establishment of the DPE.
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 DMCC chief operating officer Ahmed bin Sulayem.
"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 $50 to $50,000 per pearl grain." Source
The DMCC said it will further expand its precious commodities sector through the establishment of the DPE.
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 DMCC chief operating officer Ahmed bin Sulayem.
"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 $50 to $50,000 per pearl grain." Source
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