Indian imports boost Dubai pearl trade
Monday, 22 March 2010
Dubai, Mar 21 (PTI): Trade of natural pearls in Dubai has grown over 10 times monetarily in recent years and exports to India and Australia last year have contributed to this leap, the Dubai Pearl Exchange (DPE) has said.
This is in addition to re-exports to new markets and diverse markets including Bahrain, Hong Kong, Japan, Lebanon and Switzerland. DPE, which is a subsidiary of Dubai Multi Commodities Centre Authority (DMCCA) and a pearl trading facility, announced yesterday that a total of 99.6 million dirhams worth of pearls were traded in Dubai in 2009.
The pearl trade rose from 95 million dirhams to 99.6 million dirhams last year, driven by a 30 per cent increase in imports, a considerable feat given the extremely tough economic conditions.
The trend towards high-quality pearls has increased significantly in Dubai, highlighting a shift in consumer preference towards exclusive pearls, it said. Pearl consumption in Dubai have also increased over the last year, reflected through lower exports than the previous year.
This was driven by substantial growth in the natural pearls segment, where volumes increased by 50 per cent and values tripled. "Pearls are integral to the history of the region, and DMCCA is working towards revitalising the traditional Arabian pearl trade that once thrived through the ports of the UAE," said Ahmed bin Sulayem, Executive Chairman, DMCCA.
"As we work towards this objective, it is encouraging to see significant volumes of pearls traded through Dubai. These latest figures highlighting the growth of the pearl trade are significant, even more so due to the pearl trade having quadrupled in 2008 from 2007. Maintaining this growth within today's economic climate, when trade is at an all-time low, is a testimony to the robustness of the pearl industry and the efforts DPE and DMCCA have made to support and increase the trade through various initiatives."
This is in addition to re-exports to new markets and diverse markets including Bahrain, Hong Kong, Japan, Lebanon and Switzerland. DPE, which is a subsidiary of Dubai Multi Commodities Centre Authority (DMCCA) and a pearl trading facility, announced yesterday that a total of 99.6 million dirhams worth of pearls were traded in Dubai in 2009.
The pearl trade rose from 95 million dirhams to 99.6 million dirhams last year, driven by a 30 per cent increase in imports, a considerable feat given the extremely tough economic conditions.
The trend towards high-quality pearls has increased significantly in Dubai, highlighting a shift in consumer preference towards exclusive pearls, it said. Pearl consumption in Dubai have also increased over the last year, reflected through lower exports than the previous year.
This was driven by substantial growth in the natural pearls segment, where volumes increased by 50 per cent and values tripled. "Pearls are integral to the history of the region, and DMCCA is working towards revitalising the traditional Arabian pearl trade that once thrived through the ports of the UAE," said Ahmed bin Sulayem, Executive Chairman, DMCCA.
"As we work towards this objective, it is encouraging to see significant volumes of pearls traded through Dubai. These latest figures highlighting the growth of the pearl trade are significant, even more so due to the pearl trade having quadrupled in 2008 from 2007. Maintaining this growth within today's economic climate, when trade is at an all-time low, is a testimony to the robustness of the pearl industry and the efforts DPE and DMCCA have made to support and increase the trade through various initiatives."