Dubai auction

Christie's Dubai will hold an auction of Natural Pearls on October 29th, 2008. I expect the prices will close far above expected, based on recent auctions in Asia, where pearls estimated at about $25,000 sold for over $350,000. A preliminary presentation of some of the gems for auction will take place in Christie's London on September 29, 2008.

The Dubai Pearl Exchange, an exclusive club of pearl traders, is ramping up under the Dubai Multi-Commodities Center, or DMCC. Membership costs approximately $2,500 per year and requires extensive background information. For all serious natural pearl traders, I highly recommend applying for membership.