This article first appeared in the Pearl Report 2024-2025.

Paspaley’s journey to becoming among the world’s foremost pearl producers is one for the books. The company is backed by 90 years of experience in pearl farming and pearl jewellery production, and its name echoes the world over as an industry titan and a perennial trailblazer.

With its overarching influence in the pearl trade, the world truly is Paspaley’s oyster.

A key business focus for the company is sharing the intriguing narrative of Australia’s South Sea pearl with global audiences. Paspaley is more adamant than ever in conveying the romance of Australian pearls, which are produced off the remote shores of Australia’s Kimberley coast – one of the most pristine parts of the planet.

“This connects them to nature in a way that is unlike any other gemstone,” remarked Michael Bracher, executive director of Paspaley. “The story of an Australian South Sea pearl begins with seafarers going to sea to dive for wild oysters just as they have done for thousands of years. It is a treasure hunt but one that occurs in harmony with nature.”

Business of pearls

Paspaley relies primarily on wild oysters for its cultured pearl operations, which Bracher described as unique to the Australian pearling industry. Quotas are based on natural variations in wild oyster population and not influenced by market demand.

This means that Australia’s pearl production is relatively stable compared to production in other countries that tends to fluctuate.

He described 2023 as “excellent” on all fronts. Wild pearl oyster beds were in good health while the Australian fisheries department reported excellent natural oyster recruitment.

This scenario facilitated efficient collection of high-quality oysters for Paspaley’s pearl operations. Having healthy oyster beds allows Paspaley to offset higher production costs in Australia, making them a critical advantage for the company.

“Paspaley’s natural wild pearl oyster beds are a distinctive asset. The sustainable management of this resource, and the pristine environment and significant tides of the Kimberley place us in a strong position as far as long-term harvest quality is concerned,” shared Bracher.

Pearls in the modern age

Demand for pearls has grown exponentially in recent years, thanks to a soaring luxury sector, according to Bracher. In fact, sales have already exceeded pre-Covid levels. Another significant factor is an evolving buyer perception of the pearl, from that of a conservative gem to one that is universally appealing. The pearl has become widely appreciated, with consumers associating it with understated yet sophisticated style and a sense of purity and romance. This is especially true for the younger generation of consumers. Bracher commented, “This bodes well for long-term demand as these buyers mature and enjoy higher levels of discretionary income.”

Citing the market’s rising interest in product origins and ethical supply chains, Bracher also anticipates heightened standards of social responsibility. Consumers will be more selective in their spending and are also likely to seek out products that express their individuality.

Sustainability

Paspaley is also making waves on the sustainability front, having launched its inaugural sustainability strategy, Pearl Stewardship, in 2024.

Pearl Stewardship is a six-year roadmap to achieving Paspaley’s sustainability objectives while addressing environmental, social and governance (ESG)-related risks and opportunities across the value chain.

It demonstrates how Paspaley responsibly sources its pearls and mother-of-pearl through evidence-based reporting, transparency and compliance. This allows Paspaley to be the preferred supplier of pearls and mother-of-pearl in the fine jewellery sector.

Bright future

Paspaley has also made a name for itself in the luxury pearl jewellery segment. Its retail operations, while heavily focused on the local market, are thriving on the back of solid demand for fine pearl jewellery.

Jewellery sales are also robust in North America, with the US being the second biggest market for Paspaley’s e-Boutique, after Australia. Bracher said plans are underway to gauge interest through existing international retailers, including possible store-in-store concepts.

“We have several boutique openings currently planned in Australia,” noted Bracher. “The time will come when international expansion of the retail network makes sense – we will continue to develop our thinking on when and where this becomes feasible for us.”