Duba:i One of the toughest moments in Dubai’s history came when Japanese scientists discovered how to culture pearls. The process devastated the economies of the Gulf region in the 1930s as the primary industry, diving for natural pearls, collapsed and depression in the US punctured demand. So the symmetry of Dubai seeking once again to become a pearl trading hub is apt just as the global credit crunch curbs the city-state’s financial and real estate sectors.

“Maybe there is some sentimentality here, but we do believe Dubai can once again become a pearl trading centre, even if it does not turn into a multibillion-dollar industry here,” says Ahmad Bin Sulayem, chairman of the Dubai Metals and Commodities Centre (DMCC).