Global pearl industry calls for Dubai to take leadership role in promoting shared interest
• Inaugural World Pearl Forum ends with a ‘call to action’
• Dubai Pearl Exchange to initiate working committee of international industry leaders
The two-day World Pearl Forum, organised by the Dubai Pearl Exchange, a subsidiary of the Dubai Multi Commodities Centre (DMCC), concluded last Wednesday with industry calls for Dubai to take a leadership role in driving the future collective growth of the global pearl trade. Last week’s Dubai-based event, 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, proved successful in achieving the objective of uniting leading pearl industry professionals for the first time.
Stressing the need for greater coordination among the diverse types of pearls represented by the global pearl industry, participants from across the world called for action from industry leaders to ensure effective positioning of pearls as a division amongst the jewellery sector. Industry leaders cited Dubai’s positioning as the ideal location, and in turn the Dubai Pearl Exchange, as the ideal platform to coordinate such an initiative given its neutral positioning and ability to drive fundamental projects such as the World Pearl Forum.
In response, the Dubai Pearl Exchange (DPE) is committed to establish a working committee by inviting the participation of industry leaders from key producing regions to develop a strategic plan that will promote the interests of the global pearl industry among the various stakeholders.
Ahmed Bin Sulayem, Executive Chairman, DMCC said: “It is particularly relevant that at a time of global economic turbulence, the first World Pearl Forum has injected a positive note through a commitment to collaboration on the part of the world’s major producers and industry decision-makers. Dubai’s geographic positioning and DMCC’s commitment to the pearl trade are factors in our decision to spearhead and proactively establish the new international working committee for pearl promotion.”
One of the main local industry representatives advocating this move, Tawfique Abdullah, Chairman, Dubai Gold and Jewellery Group said: “The time is right for all pearl producers to work together and with traders towards a single coherent strategy for pearls. At the centre of the future consuming economies, Dubai is ideally located to co-ordinate and drive such a strategy.”
Echoing the suggestion for creating a universal support group, Akshay Kumar Sharma, CEO, Lucky Star Jewellery Expots Ltd, Rosy Blue Group of Companies, said: “More than ever, it is important that the pearling industry unites to overcome these difficult times. The gold and diamond industry comprises many well-established, long-standing bodies and forums that unite traders and producers but there is an absence of a global forum for members of the pearling trade. The forming of a working committee is needed to provide direction and leadership to the pearl industry.”
Also recognised during the forum discussions and presentations, was the need to establish a universal language and set of definitions that would facilitate in educating both retailers and consumers about all types of pearls available.
Sonny Sethi, President, Cultured Pearl Association of America (CPAA) explained: “Neither the retailer nor the consumer completely understand pearls and it is important that producers work together with the trade to educate consumers on the different types of pearls to create a stronger demand. Trust and reliability are important aspects of any customer relationship, especially for jewellers, and forming a committee who will work on and introduce a universal grading system by providing expert certification for pearl strands will lead to a new layer of confidence in their quality.”
In her concluding remarks to the forum, Gaiti Rabbani, Executive Director, Coloured Stones and Pearls, DMCC invited leading pearl producers of South Sea, Tahitian, Golden, Freshwater and Akoya pearls to be part of the first-ever global focus group for pearls.
“Given Dubai’s neutral position in the pearl industry, DPE is pleased to take on the responsibility of initiating a cohesive working group dedicated to promoting the interests of the global pearl industry,” she said. “Moving ahead, we look forward to garnering the expertise from the leading pearl producers of the world to create this working committee. Their combined knowledge and long-term experience will go a long way towards directing future growth strategies. With the support of international pearling companies and industry experts, the Dubai Pearl Exchange hopes to coordinate this working committee in the coming months.”
The World Pearl Forum witnessed healthy debates and thought-provoking presentations from over 25 international speakers in front of a global audience of 200+ participants. The event was sponsored by: Dubai World, Rosy Blue, Emirates NBD, Damas, Dubai Convention Bureau and Pearls of Arabia.
