How to Start a Pearls & Precious Stones Trading Business with Meydan Free Zone

Pearls and precious stones trading covers the buying and selling of loose stones and pearls as specialist goods, supplied to jewellers, collectors, designers, and private buyers. Pearling is the oldest luxury trade in the Gulf, predating the oil economy entirely, and it sits today alongside a diamond and coloured gemstone trade that has grown into one of the largest in the world. The category rewards knowledge, since grading, origin, and certification determine value far more than weight alone.

The polished stone segment is where the growth has been most pronounced. Trade in natural polished diamonds through Dubai reached USD 18.7 billion in 2025, a rise of nearly 25% year on year, and has grown 246% in value since 2020, with average value per carat rising roughly eight to ninefold.^[1] Coloured gemstones set their own record at USD 1.1 billion, up 48% year on year, supported by a 68.8% rise in imports and a 33.5% rise in re-exports.^[1]

Those figures, drawn from Dubai Customs data, describe a market that has shifted from bulk throughput toward higher-value, finished-quality stones.^[2] For traders working with jewellers and collectors rather than in bulk rough, that shift is the commercial opportunity, and it sits within a wider UAE gems and jewellery market valued at USD 8.34 billion in 2023.^[3]

Polished Stone Values Climbing Faster Than Volume

A Dubai-licensed pearls and precious stones trader operates in a market where natural polished diamond trade reached USD 18.7 billion in 2025, up nearly 25 percent in a year and 246 percent since 2020, while coloured gemstone trade hit a record USD 1.1 billion, rising 48 percent as imports grew 68.8 percent and re-exports 33.5 percent.

Sources: Dubai Customs / Khaleej Times (2026), Dubai Customs / Economy Middle East (2026), TechSci Research (2024)

Who Is This Activity For?

4773.12 - Pearls & Precious Stones Trading

Activity 4773.12 sits within the broader class covering other retail sale of new goods in specialised stores, which includes specialist trade in jewellery and related precious goods. Within that class, this activity is the trading of pearls and precious stones as loose, unmounted items. It covers polished diamonds, coloured gemstones such as rubies, sapphires, and emeralds, semi-precious stones, and natural and cultured pearls, typically supplied graded and certificated. The activity concerns the stone or pearl itself as a specialist traded good. It does not extend to cutting or polishing stones, setting them into jewellery, or trading precious metals.

The trading range covers:

• Graded and certificated polished diamonds
• Coloured gemstones traded by origin and grade
• Natural and cultured pearls, loose and matched
• Semi-precious stones for design and commission work
• Investment and collector-grade certificated stones
• Laboratory reports on cut, colour, clarity, and carat
• Supply to jewellers, designers, collectors, and private clients

Service Scope

Polished Diamonds

Graded and certificated polished diamonds supplied loose to jewellers, designers, and private buyers, with laboratory reports on cut, colour, clarity, and carat.

Coloured Gemstones

Rubies, sapphires, emeralds, and other coloured stones traded by origin and grade, the fastest-growing category in the local stone trade.

Natural & Cultured Pearls

Loose and matched pearls across natural and cultured categories, a trade with deep regional heritage supplied to jewellers and stringers.

Semi-Precious Stones

Amethyst, topaz, garnet, aquamarine, and similar stones supplied loose to designers and workshops for collection and commission work.

Certified & Collector-Grade Stones

Investment and collector-grade stones accompanied by recognised laboratory certification, serving buyers treating stones as portable assets.

WHAT THIS ACTIVITY EXCLUDES

It is important to note what activity 4773.12 does not cover. The cutting, polishing, faceting, or other physical processing of rough stones is a manufacturing activity and is not included here, nor is setting stones into finished jewellery. Trading finished, mounted jewellery sits within its own separate scope, as does the wholesale trade of gold and other precious metals. Trade in imitation or synthetic stones sold as costume material is separately classified, as is the retail sale of second-hand or antique pieces.

In short: if you are trading loose pearls and precious stones as specialist goods, you are in. If you are cutting or polishing stones, setting them into jewellery, trading finished pieces, or dealing in precious metals, you are not.

Licensing & Compliance

THIRD-PARTY APPROVAL

This activity requires pre-approval from the Security Industry Regulatory Agency (SIRA) before a business license can be issued by Meydan Free Zone.

ANTI-MONEY LAUNDERING COMPLIANCE

As a dealer in precious stones, this activity is classified as a Designated Non-Financial Business or Profession (DNFBP) and is therefore subject to AML compliance requirements. The licensed business must register with the relevant supervisory authority through the goAML platform, appoint a designated compliance officer, apply customer due diligence and record-keeping procedures, and report suspicious transactions in line with UAE anti-money laundering legislation.

References

[1] Khaleej Times (Dubai Customs data). (2026). Dubai's diamond trade sparkles to record $41.7 billion in 2025.

[2] Economy Middle East (Dubai Customs data). (2026). Dubai diamond trade record $41.7 billion in 2025.

[3] TechSci Research. UAE Gems and Jewelry Market, Competition Forecast & Opportunities, 2029.