Precious Gems (Pearls, Diamonds and Coloured Stones)
Historically, the UAE was home to traditional pearl diving, and pearl trade was the mainstay of the economy before the discovery of oil. The discovery of cultured pearls, together with Dubai’s growing interests in other economic areas, meant that - for a while at least - the pearl industry began to take a back seat. However, things have now come full circle and Dubai is poised once again to become the dynamic pearling capital of the world. A place where the past meets the future - and determines its direction, Dubai is led in a number of significant pearling initiatives under the auspices of the Dubai Pearl Exchange.
This spirit of trading, under the umbrella of the Dubai Diamond Exchange, has translated into Dubai establishing itself as a diamond trading and value-adding centre of global significance, alongside Antwerp, New York and Mumbai. DMCC has been instrumental in implementing the Kimberley Process Certification Scheme (KPCS) in the United Arab Emirates as part of its endeavour to streamline the trade with global standards and protecting the legitimate diamond industry. The UAE is proudly the first Arab country to implement KPCS.
The global coloured gemstone sector has seen significant growth in the past few years as a result of consumer awareness, resulting in the expansion of the market to volume buyers of coloured stones. Dubai’s traditional focus on pearls, gold and diamonds has also gradually translated to an awareness of coloured gemstones. The DMCC is committed to creating a significant platform for the coloured gemstone trade and has taken a number of strides to continue to grow the market.
Housed in the purpose-built landmark Almas Tower (Almas means ‘diamond’ in Arabic), Dubai’s precious gems community is set to sparkle more brightly than ever.