Dubai witnessed a total of $27.12 million worth of pearl transactions last year according to the Dubai Pearl Exchange (DPE).
The DPE, a subsidiary of Dubai Multi Commodities Centre Authority (DMCCA), said the total rose from $25.86 million in 2008, despite the financial crisis having a negative impact on the luxury goods sector. It added that a 30 per cent increase in pearl imports significantly contributed to the rise.
The cultured pearl trade in Dubai has been driven in large part through imports from Australia, China and Hong Kong last year, along with re-exports to a variety of global markets including Hong Kong, Australia, Japan, Lebanon and Switzerland, according to the DPE.
“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,” said Ahmed bin Sulayem, Executive Chairman, DMCCA.
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