Dubai Pearl Tender generates over $1m in sales

Some of the world's rarest and most sought after natural and cultured pearls were offered for sale at Dubai's first-ever pearl trade tender and many items sold for well above the estimated price demonstrating the resilience of the top end of the market.

Despite the current economic climate, more than 40 companies attended the first ever invitation-only industry tender by the Dubai Pearl Exchange, including representatives from Europe, the USA, the Middle East and Asia, with successful buyers from each of these regions.

Ahmed Bin Sulayem, Executive Chairman, DMCC said, "The Dubai Pearl Exchange's inaugural tender of rare cultured and natural pearls has successfully channelled the pearl trade to Dubai and in doing so underscored the UAE's historic and ongoing relevance in the international market."

"Considering the current economic climate the result of the gem quality and natural pearl tender was pleasing with particular interest in the natural pearls, strands of significant rarity and important single pieces," said Gaiti Rabbani, Executive Director, Precious Gems (Pearls, Diamonds and Coloured Stones), DMCC.

The invitation-only event took place from 12-16 February, just prior to the inaugural World Pearl Forum in Dubai and hosted top pearl buyers from the international trade, leading jewellery design brands and members of the Dubai Pearl Exchange. Leading producers Paspaley Pearling Co., Robert Wan, Jewelmer and Cogent Trading gathered for a world first showcase of gem quality pearls in Dubai.

Highlights of the sale included an exceptionally rare drop pair of Paspaley natural pearls purchased by Swiss Pearls of Switzerland and a set of cherry coloured Robert Wan Tahitian pearls for strand and earrings bought by Shafiian Gem. Pearls of Nippon purchased a pink cultured south sea pearl strand from Paspaley as well as a gold cultured south sea pearl strand from Cogent.

"We were delighted with the response to the pearl tender and the attendance of high calibre buyers as it enabled us to showcase our very finest pieces to a truly international audience," said Nicholas Paspaley, Chairman, Paspaley Pearling Co from Australia. "Following the success of the auction it is clear that Dubai is set to be globally recognised as a major pearl trading hub."

Paspaley auctioned a selection of pearls including one of only five Nautilus pompilius pearls known to the GIA. They also offered an extremely important cultured South Sea strand with a centrepiece of over 22mm in size that was previously exhibited at the Smithsonian Institute, the NY Museum of Natural History and several other of the world's leading museums.

Commenting first-hand on the tender, Mr Gary Tarna, President of Pearls of Nippon, Japan said, "It was an honour to be part of the Dubai Pearl Exchange's inaugural efforts to reinvigorate the country's pearling tradition by refocusing on the cultured pearl trading market. The pearl tender lots were successful in acquiring, without question, extraordinary examples of what the pearl farmers of today can produce and I can only hope that similar qualities and sizes will be available to allow for a similar tender annually or bi-annually."

The Dubai Pearl Exchange, a membership-led pearl trading platform is located on level 62 of Almas Tower within Jumeirah Lakes Towers, the first mixed use, freehold, freezone, fully owned and managed by the Dubai Multi Commodities Centre Authority.