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UAE Freezones Biz News Updates
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UAE pearl trade grows by 15%
Industry across the country should be supported by government
Dubai’s exports and re-exports of pearls have increased about 15.10 per cent
between 2008 to 2011.
While the pearl trade across the UAE has grown at an average of 15 per cent
in the last four years, pearl business should receive better support from
government, Mohammad Al Suwaidi, Operations Manager of RAK Pearls, told Gulf
News.
“The opportunities for UAE pearl businesses in the international pearl
market is quite high and will explore potential opportunities across the
pearl industry value chain,” he said.
However, he said that to encourage the growth of this industry, there should
be serious support from the government, and a body must be established to
look after peal industry's development across the emirates.
In 2011, UAE’s re-exports of pearls amounted to about Dh68.19 million while
key re-export markets for pearls were Hong Kong, Switzerland and the USA,
according to latest figures from Dubai Chamber of Commerce and Industry.
Al Suwaidi said that the historic background of pearl trade across the UAE
and the business climate should enable the emirates to invest in pearl
business and lead the industry in the region.
Pearl has always been a source of power and wealth in the UAE before the
discovery of oil.
It was the main source of living in the UAE decades ago before the collapse
of the business due to the emergence of cultured Japanese pearls.
Emiratis used to spend three continuous months diving for pearl in the sea
to earn their living for the whole year.
Moreover, 50 per cent of the natural pearl in the world came from the Gulf
region before Japanese pearl began dominating the business.
RAK Pearls is the only company that has a pearl farm in the UAE and Middle
East. It produces cultured pearls with a production capacity of 200,000
pearls per year.
Pearl farming combines science and traditional techniques to produce high
quality cultured pearls through the technical support of its Japanese
partners, Al Swaidi said.
“For eight years we could attract the interest of international jewellery
designer and today we are a suppler to the international jewellery designer,
Mouawad.”
Another contract is in the pipe line to supply another international
company, while RAK Pearl is going to increase their production line to
500,000 in the coming three years, he added.
Demand for pearls has come from their unique qualities such as their colour,
lustre and luminosity, and their use, mainly in jewellery. Pearls have
historically been an important precious gem traded worldwide.
While technology is very important to produce higher quality pearls, there
is the need for a sustainable production of pearls, Al Suwaidi added.
Product categories
Dubai’s exports and re-exports of pearls have increased about 15.10 per cent
between 2008 to 2011.
Pearl has been identified recently by Dubai Exports among a number of
product categories that can help boost the emirate’s exports and industrial
sector.
“The local and international demand for pearl make it more feasible for
local manufacture, which in turn help enhance export value,” said Saeed Al
Awadi, Chief Executive Officer of Dubai Exports, the export promotion agency
of the Department of Economic Development (DED)
According to Dubai Exports, the overall value of pearls and jewellery
experted in 2011 exceeded Dh101 million.
The Dubai Multi Commodities Centre’s (DMCC) initiative, the World Pearl
Forum holds of tender auctions through the Dubai Pearl Tender, to encourage
the growth of the pearl industry.
28 Dec 2013 |
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Courtesy Al Nisr Publishing LLC
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