Mumtalakat unveils new pearl and gemstone venture
Manama : Bahrain Mumtalakat Holding Company (Mumtalakat) has announced it new venture ‘Danat: the Bahrain Institute for Pearls & Gemstones’ during a Ramadan Ghabga held at the Capital Club, Bahrain.
With its offices located at the World Trade Centre in Bahrain, Danat aims to establish windows abroad to serve both local and global clients.
Commenting on the launch, Danat’s CEO, Kenneth Scarratt said, “Danat’s mission is to leverage the Kingdom’s expertise in this field to become the world’s preferred institute for natural pearl third party verification services.”
“With the establishment of the institute, we plan to deliver reliable third party verification of a gem’s true identity based on ongoing field research and to bring gemstone samples, excavated around the world to Bahrain for testing,” he added.
The move, according to Mumtalakat, also forms part of its continued focus to build on the Kingdom’s heritage and expertise by supporting national industries in new and innovative ways. Mumtalakat, the Bahrain Mumtalakat Holding Company, is the sovereign wealth fund of the Kingdom of Bahrain.
“The jewellery industry has been growing at a rate of 5-6% annually with global sales expected to reach over USD 270 billion by 2020. This has been reflected in the growth of branded jewellery sales, and their respective market share, in recent years,” explained Mumtalakat CEO, Mahmood Alkooheji.
The local population in Bahrain is estimated to have reached 74,000 people by the 1920s, of whom approximately 20,000 were engaged in the pearling economy. The rise of the cultured pearl industry and discovery of oil in the country however led to the industry’s sharp decline by the 1930s.
Commenting on the meetings with local industry leaders, Alkooheji added, “We’re extremely pleased with the interest and overarching support received from professionals within the jewellery and pearl industries in Bahrain and trust in Scarratt’s leadership and expertise.”
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