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23 April 2024

Precious stones worth $25m to go under the hammer

By Hamed Al Sewerky



Emeralds worth $2.5 million will soon be auctioned at the Gems Club at the Dubai Multi Commodities Centre (DMCC), it was announced.


The auction, organised by the largest Brazilian exporter of precious stones, Canelhas, will help to launch the newest sector at the DMCC called Coloured Stones and Pearls (CSP), launched in December 2007


Dubai is experiencing strong demand for precious stones, especially rubies, emeralds, sapphires and tanzanite, said Gaiti Rabbani, Executive Director of CSP.


Although Dubai is known as the city of gold, Rabbani said the emirate is historically an important centre for the precious stone trade. She added Dubai is keen to reclaim its distinguished position as an important gem trade centre through initiatives such as the Dubai Gems Club and Pearls of Arabia.


Last month, the DMCC launched Pearls of Arabia, a landmark project that will feature offshore entertainment, retail and an educational centre highlighting the emirate’s long tradition of pearl diving and trading.


As part of the project, a 6,000 square metre Experience Centre will be built on the island of Antarctica on Nakheel’s mega-project The World. It is the first stage of Dubai’s plan to re-establish the emirate as a centre for the global pearl trade, said Rabbani.


The destination features a pearl-themed cultural heritage centre, a performing arts theatre, an exhibition gallery and a themed restaurant alongside boutiques inviting participation from the leading international names in the pearl industry.


Visitors will travel to the island by water ferries, which will transport them across the man-made archipelago of 300 islands and into the region’s storied past.


Meanwhile, Rabbani said gem dealers from around the world are preparing to come to Dubai in October for the International Precious Stone Show, which will be organised by the International Gem Society.

The date of the auction will be announced later.