World of Coffee Dubai press photo.
The world of high-end coffee auctions reached gaudy new heights this week at the inaugural Dubai Multi Commodities Centre (DMCC) Specialty Coffee Auction, where multiple green coffees sold for thousands of dollars per pound.
At the top of the list was a Gesha-variety coffee from Panama’s Finca Sophia, which sold for US$10,020 per kilogram ($4,546 per pound). The winning bidder was Japan’s Definitive, a boutique online seller specializing in Panamanian Gesha coffees operated by Japanese trading company Brisa & Tierra.
The Japanese trader also placed the winning bids for the second- and third-highest-earning lots, both Geshas from Panama, shelling out $8,614 per kilo ($3,907 per pound) and $2,620 per kilo ($1,188 per pound), respectively.
Held in conjunction with the Specialty Coffee Association’s World of Coffee Dubai trade show in the UAE, the DMCC auction also saw the highest price ever paid for a coffee grown in the United States. An SL34-variety coffee grown by Hawaii’s Kona Farm Direct sold for $910 per kilo ($412 per pound) to a company identified as Julith.
The auction also saw the highest price ever paid — also by Julith — for a Bolivian coffee, with a lot from producer Los Rodriguez selling for $350 per kilo ($159 per pound).
According to auction organizer M-Cultivo, Julith placed the highest bid for nine of the 16 winning lots. The auction featured 11 different producers from nine countries.
The auction comes against the backdrop of record-high prices (not adjusted for inflation of the USD) on the commodities market, with the “C price” surpassing $4 per pound for the first time ever last week.
In a press release announcing the auction results, DMCC CEO and Executive Chairman Ahmed Bin Sulayem cited the inaugural auction as a “testament to DMCC’s central role in shaping the future of one of the world’s most traded commodities.”
Yet the same press release noted the auction’s clear disconnect from the commodities market, citing concepts such as exclusivity, prestige and marketing sheen.
“High prices are determined by three main factors,” the announcement states. “The coffee must be among the best in the world, typically scoring 90+ on cupping evaluations. Limited availability increases demand, with unique growing conditions and small-batch production add to the exclusivity [sic.]. Thirdly, the producer’s reputation and story play a significant role as buyers look for consistency in quality and a compelling backstory that enhances the coffee’s prestige.”
Comments? Questions? News to share? Contact DCN’s editors here. For all the latest coffee industry news, subscribe to the DCN newsletter.
Comment