Damas confident that Dubai pearl exchange initiative will revitalize global trade
Hope move will restore Dubai’s historic status as key pearl centre
Damas the world renowned jeweller, is confident that the initiative of the Dubai Pearl Exchange to revitalize global pearl trade will restore Dubai’s historic status as an important pearl centre playing a leadership role.
Damas was the key sponsor of the recently held World Pearl Forum which was organised by the Dubai Pearl Exchange, a subsidiary of the Dubai Multi Commodities Centre (DMCC). Held under the patronage of the Her Highness Princess Haya bint Al Hussein, wife of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai for the first time was successful in its objective of uniting pearl industry professionals. Its outcome was the decision by the Dubai Pearl Exchange to initiate a working committee of international industry leaders.
Tawfiq Abdullah, Chairman, Damas Jewellery, said: “Dubai has played a key role in times past as a pearling centre. It’s interesting to note that today the city has once again positioned itself as the ideal location and the Dubai Pearl Exchange as the ideal platform to develop a strategic plan promoting the interests of the global pearl industry. This will bring into focus areas of opportunity in the industry and help boost trade. The universal appeal of these gems from the sea is well established. Despite the economic downturn the event has set a positive note to establish steps towards pearl promotion, which is the critical first step in a fruitful journey.”
As a Damas partner, Jeremy Burbanks, European & Middle East Sales Manager, Mikimoto Pearls, said: In other related fields and in other industries there are collective industry bodies that look after and promote the common good of the individual members. In the pearl industry there is no such body. This new initiative in Dubai: the World Pearl Forum is welcomed by Mikimoto as it will help promote and sustain the development of new markets, new knowledge and ultimately new sales in these challenging times.
We are happy to be associated with a leading name such as Damas which has always played a leading role in several initiatives in the region and we are confident that our partnership will continue to return strong sales performance despite the general trend in the market
Another Damas partner, Nancy Shamroth, Consultant for Middle East, Jewelmer, added: “Jewelmer is the leading producer of golden Philippine South Sea pearls. Its Managing Director noted, “The formation of a working pearl body promoting pearls globally will also help showcase our pearls to a greater audience and boost trade. We are also deeply appreciative of the role Damas plays in the jewellery industry of the region and of our association with it. Culturing pearls requires a clean marine environment which in turn could help build up much needed environment consciousness in pearling communities, an aspect we at Jewelmer have always stressed on.”
Nicholas Paspaley, Managing Director Paspaley Pearls, who has a long relationship with Damas, said: “As the pearling pioneer of South Sea pearls, Paspaley looks forward to playing an active role in this initiative by the Dubai Pearl Exchange. We have had a long cherished relationship with Damas and as one of the leading design houses of the region, Damas not only understands the valuable role of pearls in jewellery but also about the tastes and trends of the region. This places it in a unique position in the initiative to promote pearls on a common platform.”
The forum also discussed the need to establish a universal code of definitions and the need for a universal grading system providing expert certification for pearl strands, thereby increasing the consumer’s confidence.
About Damas:
The journey of Damas began in 1907. It has grown from a UAE based company into a global fashion and jewellery network spanning the Middle East, South Asia, Europe and North Africa. The Damas Group has 467 stores in 18 countries around the world, as of 30 June 2008. Damas houses internationally acclaimed jewellery and watch brands such as Tiffany & Co., Mikimoto, Daniel K, Gucci, Faberge, Carrera y Carrera, Paspaley, Pasquale Bruni, Roberto Coin, Fope, Chronoswiss, Parmigiani, Perrelet, Quinting, Montega, Frederique Constant, among many others. The innovative in-house collections include the majestic Bridal jewellery, exclusive jewellery brands such as Damas Cut, Boudoor, Hayati, Riwaya, Jawaher, Farasha, Fairouz, Harmony, Farfasha, Al Manthourah; watch brands Varotti and Aquamarin; and a wide range of other classic and contemporary jewellery and watch collections. Quality consciousness, inspirational leadership and international reputation have led Damas to win prestigious awards including the exclusive De Beers Award 2000, 2004 and 2007 for jewellery design. Damas International Limited is listed on Dubai Nasdaq (former Dubai International Financial Exchange) and its shares are traded under the ticker ‘DAMAS’.
