Dubai records pearl trade worth over $27 mn in 2009

Dubai, March 21 (IANS) Pearls trade in Dubai has crossed the record $27 million mark last year, registering 30 percent increase in the import of the precious gem from several countries including India and Australia.

The total transaction of pearls was worth AED 99.6 million ($27.11 million) in 2009, the Dubai Pearl Exchange, a subsidiary of Dubai Multi Commodities Centre Authority (DMCCA), said Saturday.

According to the Dubai World Statistics Department, the pearl trade rose from AED 95 million to AED 99.6 million last year, driven by a 30 percent increase in imports, WAM news agency reported.

Trade of natural pearls in Dubai has witnessed a monetary growth of over ten times in recent years due to imports from Australia and India last year and its re-export to new markets including Bahrain, Hong Kong and Switzerland,
the DPE said.

"Maintaining this growth within today's economic climate, when trade is at 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," said Ahmed bin Sulayem, Executive Chairman, DMCCA.

The business of cultured pearl has increased in the country due to imports from Australia, China and Hong Kong last year, and its re-exports to the markets of Hong Kong, Australia, Japan, Lebanon and Switzerland.

The country has also witnessed an increase in the consumption of pearls over the last year, which was reflected through lower exports than the previous year, the DPE said.