Dozens of containers filled with pearls sat in rows on a long line of tables while more than 100 buyers from 20 countries milled about.
The auction, which featured pearls ranging in colour from champagne to steel-grey, was a low-key affair held at the Dubai Multi Commodities Centre; no gavels, no frantic bids, just the sound of pearls clinking against each other and muted chatter.
The atmosphere, however, belied the true weight of the business being conducted . The gems on offer were worth as much as US$35 million retail (Dh128.5m), or $13.5m wholesale.
And last week's auction, which attracted offerings from major producers including Robert Wan, Jewelmer and Paspaley, also marked the evolution of the Emirates' historic role in the pearl industry.
"We've gone from a pearl-producing nation to now a facilitator of trade," said Malcolm Wall Morris, the chief executive of the DMCC.
Pearlsare an integral part of the UAE's history, as it was the naturallyoccurring treasure that brought the Gulf its first taste of wealth. It was for pearls, rather than oil, that the region was once renowned. The gems were exported to India, Persia and sold on to the European and Chinese markets.
But after the invention of cultured pearls and later the discovery of oil, the 80,000 workers in the pearl sector had to find jobs elsewhere. There are still pearl beds around the UAE coast but the industry is a shadow of what it once was.
Efforts to revive the UAE's role in the pearl industry are under way. The Pearl Revival Committee, based in Abu Dhabi, is working with scientists to find a way to strengthen the pearl-producing oysters and protect their environment and to promote the emirate's pearl heritage.
Dubai, meanwhile, has pushed to establish itself as a centre for the trade of pearls, both cultured and natural, with the launch of the Dubai Pearl Exchange, where the two-day auction was held.
About 60 per cent of the buyers came from Japan, with the rest hailing from Europe, India and the Middle East.
Neither the results of the auction, nor UAE pearl trade figures for last year, have been released. Audrey Tcherkoff, the general manager for Robert Wan in the Middle East, said she could not give specific figures, but said about 65 per cent of all the lots on offer were sold, higher than expected for the first auction at the DMCC.
"That is a very, very good start," she said.
An estimated Dh99.6m worth of pearls were traded through Dubai in 2009, up from Dh95m in 2008.
The past two years have been a difficult period for the industry. It was hard hit by the recession as consumers put off non-essential purchases and jewellers in turn cut back on their buying of raw materials, such as pearls.
Ms Tcherkoff said Robert Wan's global sales were down by between 25 per cent and 30 per cent in 2009 and last year, compared with 2008.
Brands "decided to stop their purchases, that's why the wholesale sales have dropped", she said.
Pierre Fallourd, the assistant managing director for Jewelmer, also said 2009 was a tough year, with sales also down between 25 per cent and 30 per cent compared with previous peaks in 2007.
Ms Tcherkoff said the company did not expect a major rebound in wholesale pearl trade this year, and it was instead shifting its focus to retailing its own jewellery, where the profit margins were higher. Robert Wan already has a jewellery store in Abu Dhabi, at the Emirates Palace hotel, but it plans to open four stores in Dubai by the end of March, Ms Tcherkoff said.
"By building our [brand] name, we can face the [financial] crisis in a better way," she added.
Although Jewelmer said there had been a strong rebound in its wholesale business during the second half of last year, it, too, was concentrating on its retail jewellery business for the same reason as Robert Wan, Mr Fallourd said.
"Our company's focus for many years has been wholesale," he said. "Although we have been manufacturing and designing jewellery for the past 30 years, we're shifting our focus and energy on the end consumer. That is where the margin is."
aligaya@thenational.ae
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
%3Cp%3E%3Cstrong%3EFixtures%3C%2Fstrong%3E%3Cbr%3E%3Cbr%3ESaturday%2C%20May%2028%2C%20United%20States%20v%20Scotland%3Cbr%3ESunday%2C%20May%2029%2C%20United%20States%20v%20Scotland%3Cbr%3ETuesday%2C%20May%2031%2C%20UAE%20v%20Scotland%3Cbr%3EWednesday%2C%20June%201%2C%20UAE%20v%20United%20States%3Cbr%3EFriday%2C%20June%203%2C%20UAE%20v%20Scotland%3Cbr%3ESaturday%2C%20June%204%2C%20UAE%20v%20United%20States%3Cbr%3E%3Cbr%3E%3Cstrong%3EUAE%20squad%3A%20%3C%2Fstrong%3EAhmed%20Raza%20(captain)%2C%20Chirag%20Suri%2C%20Muhammad%20Waseem%2C%20Vriitya%20Aravind%2C%20CP%20Rizwan%2C%20Basil%20Hameed%2C%20Rohan%20Mustafa%2C%20Kashif%20Daud%2C%20Karthik%20Meiyappan%2C%20Zahoor%20Khan%2C%20Junaid%20Siddique%2C%20Alishan%20Sharafu%2C%20Akif%20Raja%2C%20Rahul%20Bhatia%3Cbr%3E%3Cbr%3E%3Cstrong%3ETable%3C%2Fstrong%3E%3Cbr%3E1.%20Oman%2032%2019%2011%2040%20%2B0.156%3Cbr%3E2.%20Scotland%2016%2011%203%2024%20%2B0.574%3Cbr%3E3.%20UAE%2018%2010%206%2022%20%2B0.22%3Cbr%3E4.%20Namibia%2014%207%207%2014%20%2B0.096%3Cbr%3E5.%20United%20States%2016%207%209%2014%20-0.229%3Cbr%3E6.%20Nepal%2012%206%206%2012%20%2B0.113%3Cbr%3E7.%20Papua%20New%20Guinea%2020%201%2019%202%20-0.856%3C%2Fp%3E%0A
Results:
2.15pm: Handicap (PA) Dh60,000 1,200m.
Winner: AZ Dhabyan, Adam McLean (jockey), Saleha Al Ghurair (trainer).
2.45pm: Maiden (PA) Dh60,000 1,200m.
Winner: Ashton Tourettes, Sam Hitchcott, Ibrahim Aseel.
3.15pm: Conditions (PA) Dh60,000 2,000m.
Winner: Hareer Al Reef, Gerald Avranche, Abdallah Al Hammadi.
3.45pm: Maiden (PA) Dh60,000 1,700m.
Winner: Kenz Al Reef, Gerald Avranche, Abdallah Al Hammadi.
4.15pm: Sheikh Ahmed bin Rashid Al Maktoum Cup (TB) Dh 200,000 1,700m.
Winner: Mystique Moon, Sam Hitchcott, Doug Watson.
4.45pm: The Crown Prince Of Sharjah Cup Prestige (PA) Dh200,000 1,200m.
Winner: ES Ajeeb, Sam Hitchcott, Ibrahim Aseel.
Pathaan
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Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Match info
Liverpool 3
Hoedt (10' og), Matip (21'), Salah (45 3')
Southampton 0
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
UAE FIXTURES
October 18 – 7.30pm, UAE v Oman, Zayed Cricket Stadium, Abu Dhabi
October 19 – 7.30pm, UAE v Ireland, Zayed Cricket Stadium, Abu Dhabi
October 21 – 2.10pm, UAE v Hong Kong, Zayed Cricket Stadium, Abu Dhabi
October 22 – 2.10pm, UAE v Jersey, Zayed Cricket Stadium, Abu Dhabi
October 24 – 10am, UAE v Nigeria, Abu Dhabi Cricket Oval 1
October 27 – 7.30pm, UAE v Canada, Zayed Cricket Stadium, Abu Dhabi
October 29 – 2.10pm, Playoff 1 – A2 v B3; 7.30pm, Playoff 2 – A3 v B2, at Dubai International Stadium.
October 30 – 2.10pm, Playoff 3 – A4 v Loser of Play-off 1; 7.30pm, Playoff 4 – B4 v Loser of Play-off 2 at Dubai International Stadium
November 1 – 2.10pm, Semifinal 1 – B1 v Winner of Play-off 1; 7.30pm, Semifinal 2 – A1 v Winner of Play-off 2 at Dubai International Stadium
November 2 – 2.10pm, Third place Playoff – B1 v Winner of Play-off 1; 7.30pm, Final, at Dubai International Stadium
The%20Specs%20
%3Cp%3E%3Cstrong%3ELamborghini%20LM002%3C%2Fstrong%3E%3Cbr%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%205.2-litre%20V12%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20450hp%20at%206%2C800rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E500Nm%20at%204%2C500rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3EFive-speed%20manual%3Cbr%3E%3Cstrong%3E0-100kph%3A%3C%2Fstrong%3E%209%20seconds%20(approx)%3Cbr%3E%3Cstrong%3ETop%20speed%3A%3C%2Fstrong%3E%20210kph%20(approx)%3Cbr%3E%3Cstrong%3EYears%20built%3A%3C%2Fstrong%3E%201986-93%3Cbr%3E%3Cstrong%3ETotal%20vehicles%20built%3A%3C%2Fstrong%3E%20328%3Cbr%3E%3Cstrong%3EValue%20today%3A%3C%2Fstrong%3E%20%24300%2C000%2B%3Cbr%3E%3C%2Fp%3E%0A
