Dubai leads industry dialogue for global pearl trade growth

Hosted by the Dubai Pearl Exchange, a subsidiary of the Dubai Multi Commodities Centre (DMCC), the forum seeks to harness the experience of more than 25 experts from across the globe at a single forum, to discuss the collective growth strategy for pearls in view of the issues, latest initiatives and developments that affect the global pearl trade.

Despite global downturn, there is still growth potential for pearls as a luxury product in emerging markets, where Dubai is ideally positioned to provide a platform for international businesses and play a lead role in promoting industry growth.

"Taking place at an opportune time and set against the realities of the current global financial crisis, the World Pearl Forum will enable the pearl industry to collaborate and discuss the many opportunities for marketing this extraordinary gem. Following the return of pearls on the fashion scene and the recent expansion of the cultured pearl industry, this is the ideal time to conceive collective growth strategies for the global pearl industry and plan ahead for the long term."

said Ahmed bin Sulayem, Executive Chairman, Dubai Multi Commodities Centre.

"Dubai's strategic position as the gateway to the growing markets of the Middle East and India, gives it a competitive edge that needs to be leveraged by global and regional pearl traders to grow the pearl market further," said Gaiti Rabbani, Executive Director, Coloured Stones and Pearls, DMCC, referring to the recently released Luxury Goods Worldwide Market Study (7th edition).

The study carried out by Bain and Company has found that despite the worldwide luxury goods market being likely to feel the effects of the global downturn over the next year, there is long-term optimism as new luxury markets are projected to surge as a result of spending on luxury goods over the next five years by high net worth individuals in emerging markets such as Brazil, Russia, China and India.

Commenting on the fast changing consumer choices for jewellery, Tawfique Abdullah, Chairman, Dubai Gold and Jewellery Group and Chairman, DAMAS, said: "With more subtle choices in jewellery becoming the norm there is continuing demand for pearls as an understated accessory. We're seeing this demand reflected in the display windows of almost every jewellery retailer in the region. Demonstrating the demand for pearls, jewellers from Dubai's $2bn retail sector are planning to access the World Pearl Forum to discuss how to effectively promote pearls in their product mix."

The World Pearl Forum is being held under the patronage of HRH Princess Haya bint Al Hussein, wife of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. It will address several key topics including a heritage session hosted by Dubai Convention Bureau (DCB) giving those interested in the world of jewellery and pearls an insight into the Gulf's rich history as a pearl trading hub, long before the UAE became known as an oil producing region. Delegates will hear how some of the finest pearls in the world were once harvested from the waters of the Arabian Gulf and how Dubai can become a pearl leading capital once again.

The World Pearl Forum concept has garnered credibility from some of the world's most successful players in the pearl sector, with confirmed speakers including: Nicholas Paspaley, Executive Chairman - Paspaley; Robert Wan, Chairman - Robert Wan Tahiti; Noriyuki Morita, President - K. Mikimoto & Co., Ltd.; Robert Cepek, Managing Director - Iridesse (part of Tiffany & Co.); and Dr. Jack Ogden, Chief Executive - Gemological Association of Great Britain. The event is also supported by Rosy Blue and Damas, two leading global jewellery companies.