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Today the pearl market in Bahrain is held on very tight strings.
With a decline in natural pearls dug out from the kingdom, the value for the jewel has skyrocketed.
“The prices for pearls have increased four to five times higher than it was 20 years ago. Pearls aren’t available as they used to be,” said Mohd Ahmed Hassan, manager of the Al Zain Jewellers in Yateem Centre, Manama.
“We buy pearls from individuals or families for 50-100 per cent more than the original value because of its huge international market,” said Abdul Razzak Mahmood Al Mahmood of the Al Mahmood Jewellers.
Pearls are most often imported from the UAE, Kuwait, Oman and India.
“Bahrain is the only country with natural pearls. People may not be as interested in diving for it anymore but the jewel remains to stay very ‘dear’ and rare,” added Mr Hassan.
Prices for natural pearls range from BD200 to BD25,000 and more.
Cultured pearls, however, are prohibited in the kingdom. Pearl merchandisers are not allowed to buy or sell them.
Nick Struman, adviser at the gemological department of the Bahrain Chamber of Commerce and Industry, said: “Cultured pearls of any type are not allowed to be traded in the market here. You can own them but you are not allowed to buy or sell them.”
“Imported pearls are first checked here before they enter the markets. We should get to see them and test them first.”
But is the pearl market under threat? “Not at all,” said said Mr Mahmood. “As long as it’s a jewel, people will buy it. It is an investment. They are also excellent choices for gifts and weddings. Especially for the Bahraini locals.”
