- Title: UNITED ARAB EMIRATES: Dubai launches world's first Pearl Exchange
- Date: 20th February 2009
- Summary: DUBAI, UNITED ARAB EMIRATES (FEBRUARY 19, 2009) (REUTERS) EXTERIOR OF PALM ATLANTIS HOTEL WHERE WORLD PEARL FORUM HELD CONFERENCE HALL SIGN READING "WORLD PEARL FORUM 2009" (SOUNDBITE) (English) DR JACK OGDEN, CHIEF EXECUTIVE - GEMMOLOGICAL ASSOCIATION OF GREAT BRITAIN, SAYING: "Pearls have an incredible heritage. And this region, which so many people have said, this area, is the right place for doing this. The Gulf, Dubai, this is the history. This is your heritage, this is the power if you like that brought Dubai where it is. You can combine all these things together, if you can see, if you like the extra dimension, adding in time and heritage to the marketing of pearls, and realise that every girl can have a pearl, but it's a special pearl, the natural pearls that can help that market. They're the ones that have this kind of three thousand years of heritage behind them." CONFERENCE HALL AUDIENCE ALI MOHAMMED SAFAR, DIRECTOR OF PRECIOUS METALS AND GEMSTONE TESTING IN BAHRAIN, SITTING IN AUDIENCE SIGN READING "DUBAI CONVENTION BUREAU - PEARLS OF ARABIA" (SOUNDBITE) (Arabic) ALI MOHAMMED SAFAR, DIRECTOR OF PRECIOUS METALS AND GEMSTONE TESTING IN BAHRAIN, SAYING: "With the discovery of oil in the early 20th century, the reliance on the trade of natural pearls decreased because natural pearls were the initial economic pillar of the Gulf region. Nevertheless, the natural pearl trade is still present in the Arabian Gulf area and this trade is slowly increasing and growing. And there is great demand for natural pearls from all over the world because cultured pearls are available in every store." CONFERENCE HALL VARIOUS OF DAVID BENNETT, SOTHEBY'S CHAIRMAN OF JEWELLERY FOR THE MIDDLE EAST AND EUROPE, SPEAKING AUDIENCE MEMBERS (SOUNDBITE) (English) DAVID BENNETT, SOTHEBY'S CHAIRMAN OF JEWELLERY FOR THE MIDDLE EAST AND EUROPE, SAYING: "Famous natural pearls have always been collected and fetched high prices. But what's happening now is that natural pearls in auctions have really been increasing in value because they've become very much collected, principally I think in the last eight years. Last november, we sold two very important natural pearl necklaces for a million dollars each. It just shows that it's becoming more acknowledged that natural pearls are now extremely rare. There's very little continued fishing, so the pearls that we have are the last ones, so the interest in this area is in the heritage and the tradition of pearl fishing in the Gulf area." SIGN READING (in Arabic and English): "DUBAI PEARL EXCHANGE" (SOUNDBITE) (Arabic) TAWFIQUE ABDULLAH, DUBAI GOLD AND JEWELLERY GROUP CHAIRMAN, SAYING: "The natural and cultured pearl industry has various branches. Regrouping all these branches under one umbrella to encourage trading on the level of, for example the World Gold Council, has the objective of motivation. There is presently no foundation to encourage this practice, knowing the fact that this practice is exceptional and great." EXTERIOR OF PALM ATLANTIS HOTEL
- Embargoed: 7th March 2009 12:00
- Keywords:
- Location: United Arab Emirates
- Country: United Arab Emirates
- Topics: Economic News
- Reuters ID: LVACVYRKNTBT3KBKAIT28JFSSNA3
- Story Text: As oil prices fail to recover to high levels of recent years, Dubai is seeking to revive the ancient pearl industry by creating the Dubai Pearl Exchange, a trading platform for the old industry.
Pearl specialists, manufacturers and traders such as Sotheby's and Dubai's Damac gathered at the three-day event at the newly opened Palm Atlantis hotel.
The Gulf's natural pearl industry, which has taken a backseat since the discovery of oil in the region and the increase in trade of cultured pearls, has long awaited such a forum to revive the region's old and proud heritage.
Dr. Jack Ogden, Chief Executive of the Gemmological Association of Great Britain, told the forum he was delighted natural pearls now had an official platform to help its trade.
"Pearls have an incredible heritage. And this region, which so many people have said, this area, is the right place for doing this. The Gulf, Dubai, this is the history. This is your heritage, this is the power if you like that brought Dubai where it is," he said.
"You can combine all these things together, if you can see, if you like the extra dimension, adding in time and heritage to the marketing of pearls, and realise that every girl can have a pearl, but it's a special pearl, the natural pearls that can help that market. They're the ones that have this kind of three thousand years of heritage behind them," he added.
Natural pearls often make headlines at international auctions. Their precious nature, historical value, purity and rarity make them highly sought after.
Among the attendants was Bahrain's Ali Mohammed Safar, the Kingdom's director of precious metals and gemstone testing.
"With the discovery of oil in the early 20th century, the reliance on the trade of natural pearls decreased because natural pearls were the initial economic pillar of the Gulf region. Nevertheless, the natural pearl trade is still present in the Arabian Gulf area and this trade is slowly increasing and growing. And there is great demand for natural pearls from all over the world because cultured pearls are available in every store," he explained.
Pearl diving was once the Gulf's economic heartbeat. But as the region gradually become a centre for trade, the labour-intensive practise of pearl diving began to dip, and in the 1930s with the discovery of oil, was significantly marginalised.
David Bennett, Sotheby's Chairman of Jewellery for the Middle East and Europe, said pearls are quickly gaining popularity.
"Famous natural pearls have always been collected and fetched high prices. But what's happening now is that natural pearls in auctions have really been increasing in value because they've become very much collected, principally I think in the last eight years," he said.
"Last november, we sold two very important natural pearl necklaces for a million dollars each. It just shows that it's becoming more acknowledged that natural pearls are now extremely rare," he added.
Dubai Gold and Jewellery Group chairman, Tawfique Abdullah, said the Pearl Exchange would encourage the expansion of the industry.
"The natural and cultured pearl industry has various branches.
Regrouping all these branches under one umbrella to encourage trading on the level of, for example the World Gold Council, has the objective of motivation.
There is presently no foundation to encourage this practice, knowing the fact that this practice is exceptional and great."
The gemstone, mostly found in a shiny white and round state, has traditionally been used in jewellery and are created inside living sea creatures called Mollusks. - Copyright Holder: REUTERS
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