目录 On the Cover 封面 Miss Universe 2024 Victoria Kjær Theilvig radiates with regal charm in Jewelmer’s La Mer en Majesté necklace with golden South Sea pearls, opals, sapphires, emeralds and rubies. 2024年环球小姐Victoria Kjær Theilvig 佩戴Jewelmer的La Mer en Majesté项 链，散发着高贵魅力。项链镶嵌南洋金珠、 欧泊、蓝宝石、祖母绿和红宝石。 Cover Story Jewelmer: Crafting a regenerative legacy 8 封面故事 缔造永续传承 Focus Building the pearl’s lustrous and resilient future 14 焦点 珠光宝气的强大前景 E-commerce strategies reshaping pearl jewellery markets 18 电商战略重塑珍珠首饰市场 Insight Rio Pearl: Stewards of nature’s most versatile gem 24 睿智角度 丽雅珠行：多元与自然的守护者 Autore paving a radiant path for South Sea pearls 27 Autore为南洋珠的璀璨未来铺路 Design Where the pearls are 32 设计 珍珠的万诱引力 Pearl jewellery: Defying conventions 36 珍珠首饰设计突破常规 Spotlight Promising future for China’s freshwater pearls 40 市场聚焦 中国淡水珍珠大有可为 Market Why pearls are the next-generation gem 44 Intelligence 新一代大热宝石：珍珠 市场情报 Pearl impact: Transforming journeys into lasting value 47 珍珠成长历程缔造永恒价值 Digest Spotlight on largest non-nacreous pearl 50 市场指标 最大天然无珍珠层珍珠亮相 CONTENTS
Every care has been taken to ensure the accuracy of the information in Pearl Report 2025-2026. However, the publication of such information is at the sole discretion of the publisher. The publisher and the editorial team shall not be held responsible or in any way held liable for any errors, omissions or inaccuracies in this publication, or for any consequences arising therefrom. The contents of this publication are protected by copyright and cannot be reproduced, photocopied, transmitted or posted in any form without the prior written consent of the publisher. 本版 公权 司所 已有 尽， 力如 确未 保获 《得 珍本 珠公 特司 刊事 2先0 之2 5 书- 2 面0 2 允6 》许所，刊不登得的以内任容何正方确式无翻误印。、如仿因制错或漏转而载引本致刊任物何任损何失部，份本之公文司字概或不图负片责。。 本 公 司 保 留 刊 登 有 关 资 料 的 一 切 权 利 。 Printed by Asia One Printing Limited,13/F, Asia One Tower, 8 Fung Yip Street, Chai Wan, Hong Kong. 印刷商: 宏亚印务有限公司香港柴湾丰业街8号宏亚大厦13楼 Associate Publisher & Editor-in-Chief Olivia Quiniquini 副出版人及主编 程爱莉 EDITORIAL 编辑部 Project Editor (Pearl Report) Bernardette Sto. Domingo 項目編輯 (珍珠特刊) 杜明高 Assistant Editor Sharon Kwok 助理編輯 郭芷雯 Assistant Digital Product Manager William Yick 助理数码产品经理 易昌耀 ADVERTISING 广告部 Assistant Director Christine Sinn 区域营业总监 冼蕙珠 MARKETING 市場推广部 Senior Marketing & Communications Manager Ronny Pang 高级市场及传讯经理 彭秋影 Assistant Marketing & Communications Manager Monica Kwok 市場及傳訊助理經理 郭君寧 Marketing & Communications Executive Vincent Wong 市场及传讯主任 黄志伟 PRODUCTION 制作部 Production Manager Jennifer So 制作部经理 苏丽娟 Senior Designer Eva Kam 高级设计师 甘铭灵 ADVERTISING REPRESENTATIVES 广告代理 China 中国: 广州代表处 胡淑晶 | Tel 电话: (86) 20 8666 0158 Email 电邮: [email protected] Germany 德国: Liz Dobelmann | Tel 电话: (49) 721 384 1881 Email 电邮: [email protected] Italy 意大利: Mauro Arati | Tel 电话: (39) 02048517853 Email 电邮: [email protected] Japan 日本: Nobuaki Nito | Tel 电话: (81) 3 52961020 Email 电邮: [email protected] Taiwan 台湾: Cela Chen | Tel 电话: (886) 2 2738 3898 Email 电邮: [email protected] Thailand 泰国: Thitima Sriutharawong | Tel 电话: (66) 0 2 036 0500 Ext. 248 Email 电邮: [email protected] US 美国: Bonnie Chan | Tel 电话: (1) 347 906 4693 Email 电邮: [email protected] President & CEO - Asia Margaret Ma Connolly 亚洲主席及行政总裁 马颖 Director of Jewellery Fairs Celine Lau 珠宝展览部总监 刘小雯 Published by Informa Markets 出版 17/F, China Resources Building, 26 Harbour Road, Wanchai, Hong Kong 香港湾仔港湾道26号华润大厦17樓 Email 电邮: [email protected] JewelleryNet.com
COVER STORY 封面故事 PEARL REPORT | 8 | 2025-2026 Miss Universe 2024 Victoria Kjær Theilvig wearing Jewelmer’s fine jewellery creations 2024年环球小姐Victoria Kjær Theilvig佩戴Jewelmer的高级珠宝作品 | Bernardette Sto. Domingo 杜明高 | Philippines-based high-jewellery brand Jewelmer is ensuring a brilliant future for the coveted golden South Sea pearl by redefining opulence and reshaping the pearl as the centre of meaningful, regenerative luxury. 扎根菲律宾的Jewelmer为南洋金珠重新赋予非凡意涵，铸就未来的可持续瑰宝。 CRAFTING A REGENERATIVE LEGACY 缔造永续传承 Jewelmer:
COVER STORY 封面故事 PEARL REPORT | 9 | 2025-2026
COVER STORY 封面故事 PEARL REPORT | 10 | 2025-2026 La Mer en Majesté necklace with golden South Sea pearls, opals, sapphires, emeralds and rubies La Mer en Majesté项链，镶嵌南洋金珠、欧泊、蓝宝石、祖母绿和红宝石 The golden South Sea pearl, lustrous and majestic, stands proud in the refined creations of FrenchFilipino pearl specialist Jewelmer – as it had for decades. In today’s rapidly progressing world, these enduring gems have become empowering symbols of versatile allure and elegance with intention. Jewelmer and its golden pearls are at the crux of this dynamic movement, but the quest for modern resonance and social traction carries on amid an ever-shifting market. “To remain relevant, pearls must evolve with the times while staying true to their essence as icons of elegance and symbolic strength,” remarked Jewelmer CEO Jacques Christophe Branellec. Capitalising on the pearl’s progressive nature, the company implemented several innovative projects in 2024, aimed at further reinforcing the pearl narrative and elevating customer experience. Impactful collaborations were also at the heart of Jewelmer’s operations alongside sustained advancements in pearl farming, cultivation techniques and communitybuilding projects. Moving forward, Jewelmer is gearing up for more strategic partnerships and pearl-centric initiatives. All endeavours carry the pearl’s message of resilience and sophistication across other sectors of society – perpetuating the gem’s all-encompassing influence and relevance.
COVER STORY 封面故事 PEARL REPORT | 11 | 2025-2026 Setting a gold standard Jewelmer opened the doors to Maison Jewelmer – the group’s first high jewellery experience of its kind in the Philippines, catering to its most elite clientele – and redesigned its fine jewellery boutiques in the Philippines in 2024. Both projects garnered positive and encouraging response from the market, according to Branellec. “Our most discerning clients embraced Maison Jewelmer’s personalised and exclusive nature. As the first high jewellery experience of its kind in the Philippines, Maison Jewelmer is celebrated for its immersive concept and intentional design,” he continued. The by-invitation-only space in Makati City, Philippines, conceptualised by Paris-based La Meute Design and Communication, entices clients to immerse themselves in the pearl’s captivating journey as it pays homage to the people, the culture and the environment critical to the gem’s creation. Every corner of the maison evokes nature’s mesmerising beauty: From textured finishings reminiscent of the Philippines’ warm, inviting shores to bespoke masterpieces by renowned French painter Thomas Godin, whose works are inspired by aerial views of Philippine islands. The restyled boutiques, meanwhile, democratise the exclusive experience inherent in Maison Jewelmer, offering more people a glimpse into the company’s golden universe through storytelling, artistry and craftsmanship. “This vision will continue to evolve as we move forward, bringing our story and our heritage to the forefront,” explained Branellec. Further elevating the exquisite South Sea pearl as a symbol of cultural pride and regenerative luxury are meaningful collaborations and initiatives. Jewelmer made history in November 2024 with the Lumière de l’Infini Crown – the first Filipino-crafted Miss Universe crown in the pageant’s 73-year history. Adorned with 23 golden South Sea pearls, each carefully matched in colour and lustre, it is also the first Miss Universe crown to feature the golden South Sea pearl. Lending further exclusivity and rarity to the piece is the fact that only the top 2 per cent of Jewelmer’s harvests make it to its fine jewellery collections. “With the queen of the universe adorned in Philippine South Sea pearls, it is our hope that our national gem’s legacy will keep flourishing and strengthening, to be treasured by future generations,” remarked Branellec. Meanwhile, Jewelmer’s recent partnership with The World, a unique privately owned residential mega cruise ship, brings these golden treasures to this affluent community at sea, creating a fitting symmetry as the pearls return to the waters that nurtured them. Over the past year, the company also worked with global brands that share its heritage and aspirations for innovation and excellence such as Mercedes-Benz and Air France to share its story to international audiences. Branellec said these collaborations further raise the profile of the golden South Sea pearl within the global high jewellery landscape while highlighting it as a radiant cultural emblem of the Philippines. Pearls: Statuesque and enduring The fascinating golden South Sea pearl inspires creativity and reverence for nature – a timeless quality that Jewelmer perfectly captures and celebrates in its fine jewellery collections. The company’s latest creations not only reflect its unique design philosophy but also push the boundaries of what pearl jewellery can be, shared Branellec. La Mer en Majesté earrings with golden South Sea pearls, aquamarine stones and diamonds La Mer en Majesté耳环，镶嵌南洋金珠、海蓝宝石和钻石 La Mer en Majesté ring 戒指
COVER STORY 封面故事 PEARL REPORT | 12 | 2025-2026 数十年来，法国菲律宾珍珠品牌Jewelmer的南洋金珠 作品绽放独一无二的光芒，在当今瞬息万变的时代成 为百搭时尚与匠心奢华的象征。 即使市场不断蜕变，Jewelmer引领改革, 在追求摩登美 学和贡献社会方面竭尽所能。 首席执行官Jacques Christophe Branellec表示：“为了保 持影响力，珍珠行业必须紧贴时代步伐，同时忠于其优雅与 坚毅的特质。” 有见及此，Jewelmer在2024年推出多个项目，以巩固珍 珠与时俱进的形象, 并提升顾客体验。 Jewelmer还专注推行合作发展项目，以提升珍珠养殖 和社区建设水平。更多战略合作和以珍珠为核心的计划正 在筹备中。 一切努力旨在将珍珠的坚韧与精致美学传递到社会各 界，极致发挥和延续其影响力。 重新定义奢华 Maison Jewelmer——全球规模最大的Jewelmer珠宝贵 宾室现已开幕，而位于菲律宾的多家珠宝门店亦在2024年 以全新面貌示人。Branellec表示，这两个项目都获得市场的 正面反响。 “眼光独到的顾客对Maison Jewelmer的个性化服务、 沉浸式氛围和悉心安排的设计趋之若鹜，是菲律宾首个顶 级珠宝体验空间。”他补充。 这个位于马卡蒂市的贵宾专属空间由巴黎设计师操刀， 顾客将可沉浸于珍珠的美妙历程中，同时认识当中举足轻 重的人物、文化元素和天然环境。 装潢采用质感丰富的饰面，令人联想到菲律宾的美丽海 岸，并展出著名法国画家Thomas Godin取材自菲律宾岛屿 鸟瞰图的画作。 其他门店也焕然一新，且通过引人入胜的故事和精湛 工艺，将Maison Jewelmer的南洋金珠世界延伸至更广大的 受众。 The La Mer en Majesté necklace, for instance, was inspired by the ethereal universe beneath the ocean. Embellished with golden South Sea pearls, coloured gemstones and diamonds, the exceptional piece evokes brilliant treasures from the depths of the Philippine seas. The jeweller also introduced the Swan necklace, a tribute to the most elegant and enigmatic of animals. Elements of earth, air and water meet and find graceful form in this golden South Sea pearl and diamond necklace, marked by sinuous lines and refined simplicity. Lasting impact At the centre of Jewelmer’s growth strategy is ensuring that pearls continue to captivate future generations through responsible and ethical business practices. Beyond such efforts is fostering a culture of restoration, regeneration and resilience in the pearl industry. “Sustainability has become a widely used, and often generalised, term for many,” remarked Branellec. “We have always understood that true environmental stewardship goes beyond sustainability. It is also about embracing a regenerative philosophy and actively giving back, which are the very foundations upon which our brand was built.” It is both a privilege and a responsibility to protect the ecosystems and communities that enable the pearl to come into fruition. Rather than extracting oysters from the wild, Jewelmer developed hatcheries where pearl oysters are bred in protected environments. This environmentally sound approach, cultivated in-house over a 20-year period, contributes to the ocean’s bounty while protecting the water’s ecological balance. “Our pearl farming methods operate with Mother Nature’s welfare in mind, acting as bio-generators that enhance marine biodiversity and biodensity. Our processes do not hinder marine life from growing – rather, they actively promote and support it,” added the company official. Pearl oysters naturally clean and oxygenate, improving water quality while filtering out litres of water. In Jewelmer’s case, oysters in the farms collectively filter over 2.4 billion litres of water per day, which amounts to roughly 895 billion litres of water per year. Through its non-profit organisation, the Save Palawan Seas Foundation (SPSF), the pearl specialist also supports and educates coastal communities in Palawan. SPSF sustains the vision of preserving man’s delicate balance and symbiotic harmony with nature by working closely with local communities, offering livelihood opportunities and running environmental conservation programmes. Through SPSF, Jewelmer fosters a culture where both Mother Nature and the ones that protect her can flourish and thrive. “Ultimately, restoration, regeneration and resilience are not just ideals for us – they are the legacy that we nurture and embrace, and the future that we strive towards every day,” explained Branellec. Lumière de l’Infini Crown 后冠
COVER STORY 封面故事 PEARL REPORT | 13 | 2025-2026 Branellec强调：“我们一直砥砺前进，延续非凡愿景，将 我们的故事和传承发扬光大。” 横跨2024年的合作项目，再次提升了南洋珠作为文化认 同和可持续奢华的象征。 2024年11月，Jewelmer呈献史上第一个菲律宾制造的 环球小姐后冠——Lumière de l’Infini。冠上镶嵌了23颗南洋 金珠，在环球小姐的73年历史中前所未见。 Jewelmer出产的珍珠之中，只有最顶尖的2%才有资格 被选用于奢华系列珠宝，进一步证明该后冠何等弥足珍贵。 “得到环球小姐的加持后，我们希望菲律宾南洋珠的传 奇能够世代相传。”Branellec说道。 与此同时，Jewelmer亦与豪宅级游轮The World合作，将 金光夺目的国宝级珍珠介绍给富裕的海上社区，以充满诗 意的方式回馈海洋。 其他合作伙伴还有奔驰和法国航空，借此向全球观众分 享南洋金珠的故事。Branellec指出，一系列合作提升了南洋 珠在全球高级珠宝领域的地位，同时体现其作为菲律宾文 化象征的意义。 恒久不衰的美 南洋金珠启发无比创意和对大自然的敬畏之情，在 Jewelmer的奢华珠宝系列中完美流露。 Branellec表示，其全新作品突破了珍珠在人们心目中的 固有藩篱，展现出独一无二的设计理念。 La Mer en Majesté项链的灵感源自超凡脱俗的海洋世 界，镶嵌南洋金珠、宝石和钻石，宛如菲律宾的海洋奇观。 Swan南洋金珠钻石项链则向高雅雍容的天鹅致敬，优 美弯曲的线条轮廓和精致极简的美学，将土、气、水三项自 然元素融合作品之中。 影响无远弗届 Jewelmer的未来发展着重责任实践，以吸引新一代的目 光，同时促进珍珠行业的复原和韧性。 “可持续发展理念已经相当普及。”Branellec指出 。“切 实的环境管理将可持续性升华，重点在于重建再生和积极 回馈，而这正是本品牌的创办基础。” 积极保护珍珠养殖环境和社区，既是责任也是一种荣耀。 Jewelmer于运营成熟的养殖场孕育珍珠牡蛎而非野外 捕捞，以保持生态平衡，20多年来一直完善进步。 “我们在养珠过程中会优先考虑大自然，以提升海洋生 物多样性和生物密度。过程中不会阻碍海洋生物的生长，反 而会促进其繁衍。”他解释道。 Jewelmer的珍珠牡蛎每天自然过滤超过24亿升海水，每 年总量约8,950亿升，对于改善水质大有帮助。 该公司也创立了非牟利机构“拯救巴拉望海洋基金 会”(Save Palawan Seas Foundation，简称SPSF)，为当地的 沿海社区提供可持续生计和保育项目，使人和大自然和谐 共存。Jewelmer通过SPSF培育互惠共生的文化，令大自然 及其守护者双双得益。 Branellec解释：“修复、再生和坚韧的精神不仅是我们的 理想，也是一直悉心培育的传世价值，体现了我们每天追求 的未来愿景。” All jewellery pieces by Jewelmer 所有首饰和珍珠图片由Jewelmer提供 Swan necklace with diamonds and a South Sea pearl Swan南洋金珠配钻石项链
FOCUS 焦点 PEARL REPORT | 14 | 2025-2026 Pearls are uniquely positioned to herald the next era in the jewellery trade – one that bridges the worlds of luxury and environmental regeneration. 珍珠以其得天独厚的优势，正引领珠宝业迈进奢华与环境共荣的新纪元。 Unprecedented political and economic woes in 2025 affected many industries across the globe, but there were a few that proved their mettle. Cleverly adapting to a changing business landscape, the pearl sector not only survived but thrived further, buoyed by sales from emerging markets and heightened consumer demand for meaningful purchases. Southeast Asia is a key growth driver, with buyers choosing jewellery pieces that meet their meticulous criteria: Luxurious, sustainable and versatile. And pearls tick all the boxes. Lustrous white and golden South Sea pearls continue to enjoy solid global demand while smaller but equally stunning Japanese Akoya pearls find favour among younger, discerning customers. Jewellery designs are evolving too. What used to be known as “your grandmother’s pearls” are getting exciting, often rebellious, upgrades. Think pearl brooches as belt accents or buckles, pearl body chains and NFC-embedded pearls that store digital mementos, to name a few. With pearls rising in popularity, pearl companies both have a duty and a responsibility to ensure steady supply while protecting, preserving and nurturing the environment where these gems are formed. Industry leaders are carrying out innovative strategies at the farms – from safeguarding oyster survival to investing heavily in colour and quality improvement and maintaining genetic diversity to grow healthier farmed shellfish. Every road leads to fostering a culture of resilience, restoration and regeneration beyond sustainability in the pearl trade. Stable market The pearl industry witnessed periods of macro challenges at the beginning of 2025, led by ongoing conflicts, US tariffs and economic instability. Bucking the downward trend, the South Sea pearl trade maintained robust sales, defying market expectations. Jacques Christophe Branellec, CEO of Philippines-based Jewelmer, said several key factors led by demand from Southeast Asian markets are driving growth in the golden South Sea pearl sector. “This region’s expanding markets are seeing an increasing demand for luxury goods that demonstrate exceptional craftsmanship and meaning,” noted Branellec. Terence Lee, director of Hong Kong-based Rio Pearl, agreed. White South Sea pearls continue to perform strongly in Southeast Asia as well as Japan and China, based on Rio | Bernardette Sto. Domingo 杜明高 | 珠光宝气的强大前景 Building the pearl’s lustrous and resilient future
FOCUS 焦点 PEARL REPORT | 15 | 2025-2026 Creating a truly sustainable society requires approaches that restore and revitalise the natural world. This shift from ‘net zero’ (reducing harm) to ‘net positive’ (actively improving conditions) creates new opportunities for cultured pearls. – George Kakuda, president of the Japan Pearl Exporters’ Association Pearl’s auction results. The fastest-moving pearls include top-tier, clean and round white and golden South Sea pearls, fuelled by demand from premium buyers. Lee also noticed growing appetite for modern shapes such as baroque and Keshi pearls. Amid headwinds in the luxury goods market, the pearl sector resorted to adaptability and strategic marketing to support growth. Branellec remarked that e-commerce and digital platforms, social media in particular, are vital to reaching a wider client base and introducing younger buyers to Jewelmer and the world of South Sea pearls. Meanwhile, prices of South Sea, Tahitian and Akoya pearls have since stabilised, transitioning from a period of extraordinary volatility in 2022 and 2023 due to robust Chinese demand to a steadier environment in 2025. According to George Kakuda, president of the Japan Pearl Exporters’ Association (JPEA), other markets, the US included, could start buying pearls again as prices become more accessible. He also cited changes in consumer preferences, with smaller, more affordable but top-quality Japanese Akoya pearls gaining in popularity. Kakuda explained, “Consumers refuse to compromise on quality, so they opt for smaller sizes or different shapes, which do not affect quality.” Even South Sea and Tahitian pearl traders are seeing rising demand for smaller but fine-quality pearls. For South Sea pearls, “baby sizes” of 8mm by 10mm in diameter bearing superb colour and lustre are popular while pearls in semi-round, short-oval or button shapes are gradually gaining a spot in the limelight, shared Kakuda. Gems of ingenuity Pearl jewellery designs are becoming more inventive with a focus on the gem’s versatile attributes. European pearl specialist Gellner, for instance, is proving that pearls are anything but traditional. The company’s Wave Ring in platinum adorned with an intense icy blue Marutea pearl and 68 brilliant-cut diamonds won Fine Jewelry of the Year at the Inhorgenta Award 2025, reinforcing the pearl’s modern luxury status. Gellner also unveiled Salt ‘N Pepper, a new collection of Tahitian and Akoya pearls in darker, more vivid hues interspersed with grey-white diamonds. “The collection was well received,” explained Jörg Gellner, founder of his eponymous brand. “We focused on platinum in 2025, which was a sound choice, especially with high gold prices.” The pearl sector remained resilient in the first half of 2025 despite global economic uncertainties, Jörg said. The company, which serves a predominantly European clientele, identified a clear pricing sweet spot. “Buyers are okay with spending €10,000 (around US$11,700) at retail,” he revealed. “But beyond that, they will think twice. Notably, there is increased activity in the €5,000 to €10,000 (approximately US$5,800 to US$11,700) range, suggesting consumers still desire luxury but are making more calculated purchasing decisions.” Innovative designs are gaining traction while classic pearl strands – which continue to see solid demand – are no longer the driving force behind sales. Major luxury houses
FOCUS 焦点 PEARL REPORT | 16 | 2025-2026 like Tiffany and Boucheron, to name a few, are also fuelling this pearl renaissance with pearl-centric designs, thereby securing the gem’s place in contemporary luxury circles for years to come, added Jörg. Relevant and reformative Jewelmer’s pearl cultivation research and development are focused on ensuring the survival rates of young oysters since environmental changes like rising ocean temperatures are affecting oyster mortality. The company carefully monitors its hatchery practices and undertakes selective breeding to nurture young oysters and identify the more resilient strains. Interestingly, some oysters can naturally adapt to changing conditions by adjusting their physiology. “The traits of these resilient oysters are exciting glimpses into what may define the future of pearl farming,” shared Jewelmer’s Branellec. Breeding oysters in protected environments and not in the wild likewise helps improve water quality while restoring marine habitats. Its non-profit organisation, the Save Palawan Seas Foundation (SPSF), meanwhile, implements livelihood projects around coastal communities in Palawan, where Jewelmer’s pearl farms are located. “Sustainability will continue to shape the future of luxury, and pearls, born in harmony with nature and cultivated through regenerative farming practices, are perfectly positioned to embody this movement,” noted Branellec. Lee of Rio Pearl remarked that pearls mirror the environment where they are grown. “Cultivating the best pearls require maintaining a healthy environment,” stated the company official. “Our farms have been around for 15 years as solid proof of our efforts to protect and restore the ecosystem.” Further testament to this is continuous improvements in the quality and colour of its pearls, added Lee. Rio Pearl also provides housing, and employment and educational opportunities to communities in its pearl farms. JPEA’s Kakuda said catching the attention of new markets hinges upon communicating the regenerative aspect of pearls. Creating a truly sustainable society requires approaches that restore and revitalise the natural world. This shift from “net zero” (reducing harm) to “net positive” (actively improving conditions) creates new opportunities for cultured pearls. Japan’s pearl farms contribute to regeneration efforts through initiatives like recycling discarded fishing gear into new equipment alongside research on carbon sequestration by Akoya oysters and environmental impact assessment of pearl farms. Kakuda said maintaining genetic variety in Akoya oysters is crucial to developing resilience to environmental changes and diseases, but current artificial seed collection methods using a few parent shells may be diluting diversity. A Japanese study on the genome of Akoya pearl oysters earlier revealed that genetic heterogeneity creates healthier oysters with stronger immunity, enabling farmers to assess inbreeding levels and select breeding parents more effectively. The “Akoya oyster reference genome” established in 2022 now enables quantitative analysis of genetic diversity, with the Mikimoto Laboratory providing genome analysis to farming operators to monitor diversity and improve seed collection planning, ultimately reducing mortality risks, shared Kakuda. 纵使珍珠行业在2025年面临全球政治和经济挑战，但业 界展现出非凡韧性，保持灵活变通，并充分受惠于新 兴市场的机遇及消费者对有意义购物体验的需求，成功渡过 难关，稳步发展。 东南亚买家寻求奢华、可持续性和多功能性兼具的珠宝， 与珍珠的特质不谋而合，从而推动行业增长。南洋白珠和金 珠在环球市场维持强劲的需求，而较小型又品质优良的日本 Akoya珍珠，则对精明的年轻消费者吸引力日增。 珠宝设计也在不断进化，曾经被称为“祖母的珍珠”的老 气饰品，如今正迎来令人兴奋的升级，包括可作腰带点缀的 珍珠胸针、身体缀链，还有以数字形式存储个人回忆的NFC 芯片珍珠。 随着需求上升，珍珠商必须在满足供应和保育珍珠的产 地之间取得平衡。行业领导者实施创新的养殖策略，以保障 牡蛎的生存率，还投资改良珍珠的颜色和品质，并维持牡蛎 的基因多样性以提升健康，从而培育出一种贵乎韧性、修复 和再生的珍珠文化。
FOCUS 焦点 PEARL REPORT | 17 | 2025-2026 市场稳健乐观 2025年年初虽然接连出现战争冲突、美国关税和经济不 稳定等宏观挑战，但仍然无损南洋珠的强劲销情，超出了市 场预期。 Jewelmer首席执行官Jacques Christophe Branellec指 出，东南亚市场的强劲需求推动南洋金珠的增长势头。他解 释道：“东南亚地区的市场不断扩大，日益追求工艺精湛、意 义非凡的奢侈品。” 丽雅珠行的李小虎表示，该公司拍卖会的结果反映出，南 洋白珠在东南亚、日本和中国市场表现不俗，高端买家偏好 顶级圆形珍珠，而巴洛克珍珠和芥子珠的热度也有增无减。 行业通过积极适应和战略营销来应对奢侈品市场的逆 风。Branellec指出，电子商务和社交媒体是吸引年轻买家的 关键，能让年轻买家认识Jewelmer，并了解南洋珍珠世界。 南洋珠、大溪地珠和Akoya珍珠的价格在2022至2023年 的市场波动后趋于稳定。日本真珠输出组合(JPEA)理事长觉 田让治指出，当珍珠价格回稳后，美国及其他市场的买家或 会开始购买珍珠。另外，他提及到消费者逐渐爱上小巧实惠 且品质优秀的日本Akoya珍珠。 觉田让治说：“消费者拒绝在品质上妥协，因此他们选择 尺寸较小或形状不同的珍珠，这些特性并不影响珍珠品质。” 南洋珠和大溪地珍珠贸易商不约而同地表示，小型优质 珍珠的需求不断增长。觉田让治透露，直径8毫米至10毫米 的“小尺寸”南洋珍珠中，拥有绝佳颜色和光泽的珍珠备受青 睐。同时，半圆形、短椭圆形和钮扣形珍珠也渐受追捧。 匠心独运 珍珠首饰设计在持续蜕变，其多元化搭配顿成焦点。欧洲 珍珠专家Gellner的作品证明珍珠首饰充满时尚感。 该品牌的“波浪”铂金戒指，镶嵌一颗浓冰蓝色Marutea 珍珠和68颗钻石，展现出珍珠的时尚魅力。该戒指在2025年 Inhorgenta珠宝大奖中荣获“年度高级珠宝奖”，进一步巩固 了珍珠作为现代奢华象征的地位。而全新的Salt ‘N Pepper系 列则采用了色泽更深邃的大溪地珠、Akoya珍珠和灰白色钻 石。“这系列广受好评。”创始人Jörg Gellner说道。“鉴于金价 高企，我们在2025年专注于铂金材质。” Jörg表示，在不确定的经济背景下，珍珠在2025年年初 依然表现强韧。这家主要服务欧洲客户的公司找到了定价 的关键点。Jörg解释道：“零售买家乐于付出10,000欧元(约 11,700美元)购买珠宝，但超过这个价位就会显得犹豫。5,000 至10,000欧元(约5,800至11,700美元)范围的购买活动有所 增加，表明消费者仍然渴望享受奢华，但态度更加谨慎。” 时至今天，创新设计的销量呈强劲上升势头，经典款珍珠 串链的需求仍然稳固，但已不再是销售的主导力量。蒂芙尼 和宝诗龙等大型品牌进一步推动了珍珠的复兴，巩固了在当 代奢侈品领域的地位。 提升与革新 随着海水温度上升等环境变化正影响着牡蛎的存活 率，Jewelmer通过监测孵化场的运作和选择性育种来识别适 应力强的品系，以提升幼牡蛎的存活率。 Branellec指出：“这些强健的牡蛎为珍珠养殖业带来希 望。”严格控制养殖环境还能改善水质，同时修复海洋栖息地。 Jewelmer成立的“拯救巴拉望海洋基金会”，在其养殖场 附近的沿海社区实施生计项目。Branellec称：“可持续发展塑 造了奢侈品的未来，而再生式养殖的珍珠正完美地体现了这 一趋势。” 丽雅珠行的李小虎表示：“珍珠品质是环境健康的指标。 培育顶级珍珠需要维持健康的生态环境。我们成立了15年的 养殖场体现了我们在保护生态系统方面的努力。珍珠品质和 颜色也得到持续的改善。”此外，该公司还为其养殖社区提供 住房、就业和教育机会。 JPEA的觉田让治强调，珍珠的再生特性是吸引新市场的 契机。创建真正可持续的社会需要采取恢复和振兴自然世界 的措施。这种从“净零”(减少危害)到“净正效应”(积极改善环 境)的转变，为养殖珍珠创造了新机遇。 日本珍珠养殖场通过多项举措以实现生态修复，包括将 废弃渔具回收再利用制成新设备、对Akoya珍珠牡蛎的碳截 存能力进行研究，以及对珍珠养殖场开展环境影响评估。 觉田让治指出，保持Akoya珍珠牡蛎的基因多样性，对于 提升环境恢复力不可或缺。然而，目前的人工采苗方式可能 会降低其多样性。 一项关于Akoya珍珠牡蛎基因组的日本研究揭示，遗传 异质性可培育出更健康、免疫力更强的牡蛎，使养殖户能够 评估近交程度，并更有效地选择育种亲本。 觉田让治续说，“Akoya牡蛎参考基因组”于2022年建立， 现在可以对基因多样性进行定量分析。Mikimoto珍珠实验室 为珠农提供基因组分析，以提升多样性监测的成效，并降低 牡蛎的死亡风险。
FOCUS 焦点 PEARL REPORT | 18 | 2025-2026 Earrings and ring with Tahitian pearls, emeralds, diamonds and onyx stones by Ruans Pearl Holding Ltd. Demand for Tahitian pearl jewellery in China has been increasing since 2023, according to the company. 浙江阮仕珍珠股份有限公司的大溪地珍珠耳环与戒指，配祖母绿、钻石和黑 玛瑙。该公司表示，自2023年以来，中国对大溪地珍珠首饰的需求持续增长 Pearl jewellers in China and the US are harnessing livestreaming and e-commerce to drive revenue and customer engagement and redefine brand identity. 中国和美国珍珠珠宝商正利用直播电商来提升營收、增强客户参与度并重新定义品牌形象。 E-commerce, livestreaming and other online initiatives are driving growth in the pearl industry. Pearl jewellers in China and the US, for instance, are adopting diverse digital strategies – from China’s social liveselling to trust-driven online sales in the US. Online sales of pearls in China are booming. Social commerce, which pertains to selling products or services directly through social media platforms, has become a major purchasing channel for younger consumers, with short-form videos and live-selling being key practices for jewellers to reach target customers. According to the 2024 China Jewellery Industry Development Report by the Gems and Jewelry Trade Association of China (GAC), as many as 3,000 full-time live streamers are based in the pearl market in Shangxiahu, Zhuji, conducting nearly 7,000 livestreams per day during peak seasons. Online transactions now account for more than 60 per cent of total pearl sales in China. The report also highlighted that pearls have become one of the most popular jewellery categories on e-commerce platforms, thanks to their affordability and value for money. Across the Pacific, livestreaming is a relatively new phenomenon in jewellery sales, but pioneering companies are redefining its role as an effective way to enhance interaction with clients. | Sharon Kwok 郭芷雯 | 电商战略重塑珍珠首饰市场 E-commerce strategies reshaping pearl jewellery markets
FOCUS 焦点 PEARL REPORT | 19 | 2025-2026 Australian white South Sea pearl and diamond necklace in 18-karat white gold by Shanghai Demi Jewelry Co Ltd 上海黛米珠宝有限公司的18K白金 澳大利亚南洋白珠与钻石项链 In both China and the US, livestream e-commerce is emerging not just as a sales channel, but as an experience – one that engages, educates and builds communities around pearls. Pearl Report talked to China’s Ruans Pearl Holding Ltd and Shanghai Demi Jewelry Co Ltd, and Los Angeles-based Pearl Paradise about how digital channels are reshaping the interaction between pearl companies and tech-savvy consumers. Ruans Pearl: Enriching content strategies Since 2022, livestreaming has become both a growth driver and a branding tool for Ruans Pearl Holding Ltd, a vertically integrated pearl company founded in 1988. Brand Director Zhou JingEr said, “We started livestreaming in 2022 and saw substantial growth in pearl jewellery sales. Today, we operate five Douyin accounts, each with multiple hosts and differentiated product offerings to serve diverse consumers. Our livestream sessions run from dusk till dawn.” Zhou said rice pearls’ unprecedented rise to fame was a gamechanger, largely contributing to a boom in online pearl jewellery sales in 2023. Young women favour rice pearl jewellery, thanks to their youthful appeal and affordability. “In today’s online market, fierce competition often revolves around offering the lowest prices, which is not sustainable,” said Zhou. “Ruans Pearl focuses on long-term growth. We are committed to upholding product quality, targeting discerning buyers in the mid- to top-tier market who appreciate jewellery and a sophisticated lifestyle. This customer segment values quality and is willing to purchase premium products.” For instance, its high-quality rice pearl strand necklace priced at RMB1,399 (around US$195) is a top performer. More than 10,000 pieces were sold during a livestream session, she added. The company aims to further elevate brand visibility and influence by crafting more engaging and entertaining content in the form of short-form videos and during livestreaming sessions. This is critical to sustaining customer engagement, helping live streamers develop a unique persona and strengthening brand image. “Livestreaming is naturally a sales-driven event, but bombarding viewers with sales pitches leads to fatigue. You need meaningful and engaging content to entice the audience and establish deeper connection. I am now focusing on creating content about styling tips, cultural stories and lifestyle. That approach not only builds brand identity but also enhances my image as a livestream host,” she explained. While livestreaming helps broaden market reach and boost sales, Ruans continues to expand its offline retail footprint. It has 18 stores in tier-one shopping districts and plans to increase its sales network to 50. These stores offer high-end designs and bespoke pieces, further strengthening brand equity beyond fleeting online clicks. Demi Jewelry: Eyeing overseas markets Founded in 2003 as a pioneer in pearl jewellery e-commerce, Shanghai Demi Jewelry Co Ltd has built its success on a strong presence on Tmall and other online platforms. “Our online channels drive around 90 per cent of total sales, though live-selling is not our primary focus,” said CEO Zhang Jing. “Challenges associated with live-selling such as high rates of product returns and substantial manpower and logistics costs, often outweigh the benefits and diminish profit margins. We generate stable sales from product listings on e-commerce platforms.” Listed among the top pearl jewellery companies on Tmall, Demi Jewelry differentiates itself with a design-led, mid-market approach. Focusing on pearls with exquisite lustre and distinctive designs, the brand has carved out a loyal following. “The challenge is to stand out in a competitive pearl market. Price is the first thing that captures online buyers’ attention. It is crucial to nurture brand reputation to captivate return customers and generate repeat sales,” said Zhang.
FOCUS 焦点 PEARL REPORT | 20 | 2025-2026 Demi Jewelry transitioned from the low- to mid-market segment to a more upscale clientele beginning 2023, reflecting a broader industry movement. “With low-end products embroiled in a relentless price battle, the prevailing trend points towards targeting the higher-end market as the path forward,” he explained. With a solid foundation in local e-commerce, Demi Jewelry is widening its horizons. “In 2024, we started the groundwork for overseas expansion and launched on Amazon and Temu in May 2025, targeting the US market,” said Zhang. “We are gearing up for the peak sales season in the US in the fourth quarter and eyeing sales opportunities during Black Friday and Christmas.” Pearl Paradise: Leveraging livestreaming to build relationships Over in the US, Jeremy Shepherd, president of the Cultured Pearl Association of America (CPAA) and president of online pearl retailer Pearl Paradise, has developed the “It’s Mine” livestream series, which now accounts for 25 to 30 per cent of the company’s monthly revenues. According to Shepherd, the US jewellery industry is relationship-based. People tend to buy jewellery from people they trust. At Pearl Paradise, livestreaming is evolving as a strategy for deepening trust with serious collectors and buyers. “We want to recreate the personal interaction that is lost in traditional e-commerce,” Shepherd said. “Our livestreams are more like an in-store experience, with the added intimacy of live conversation, storytelling and expert-level education.” In these live sessions, Pearl Paradise highlights exclusive content such as guest appearances from Tahitian, Fijian, Japanese and Mexican pearl farmers to share stories; onsite coverage of international trade shows; and rare, curated private jewellery showcases not listed on Pearl Paradise’s online store. “This engaging approach gives clients direct access to the real pearl world,” Shepherd explained. Majority of its livestream viewers were part of the PearlGuide community, an online pearl forum that Shepherd established in 2004, for many years and this foundation of trust made the programme work from the start. “We are educators first,” Shepherd emphasised. “Our viewers know they are getting more than a sales pitch. Every pearl we feature is a chance to talk about provenance, shape, lustre, origin and rarity. That is a big part of why people keep coming back. They are not just shopping – they are deepening their appreciation for pearls.” Authentic and educational-driven content underpin the shows’ resonance, especially for high-value pieces. While some clients make US$1,000 purchases, many others commit to pieces in the US$10,000 to US$20,000 range, with the most expensive piece ever sold being a US$96,000 conch pearl necklace, Shepherd shared. The company also launched a VIP programme, featuring some of the finest pearls ranging from US$100,000 to over US$1 million. These are highlighted in livestream shows. Following each livestream, interested viewers reach out to schedule private appointments. It has become a key part of how the company serves serious collectors. Shepherd said most live-selling in the US focus on lowprice, impulse-driven products. “Breaking into high-value pieces takes more than a camera and a discount code. The opportunity is there, but only if it is built on authenticity and expertise,” he noted. 电商、直播和其他线上举措正推动珍珠业的发展。中国 和美国的珍珠珠宝商采用不同的数字策略带动业务， 如中国的社交直播带货和美国以信任为基础的线上销售。 近年，中国珍珠线上销售持续火爆。社交电商(即通过社 交媒体平台直接销售产品或服务)已成为年轻消费者主要 的购买渠道，短视频和直播带货是珠宝商触达目标客户的 关键方式。 根据中国珠宝玉石首饰行业协会(GAC)发布的《2024年 中国珠宝行业发展报告》，在诸暨山下湖珍珠市场，常驻主 播已多达3,000人，高峰时期每日有近7,000场直播。线上销 售已占中国珍珠销售总额60%以上。 报告还指出，珍珠品类凭借其较高的性价比，成为电商 平台的热门珠宝品类。 在太平洋彼岸的美国，直播在珠宝销售领域还是一种相 对较新的现象，但一些先行企业正将其重新定义为提升客 户互动的有效方式。 在中国和美国，直播电商不光是销售渠道，更是一种体 验——一种能够吸引和教育消费者，并建立以珍珠为共同爱 好的社群。 《珍珠特刊》采访了来自中国的浙江阮仕珍珠股份有 限公司和上海黛米珠宝有限公司，以及总部位于洛杉矶的 Pearl Paradise，探讨数字渠道如何重塑珍珠企业和善用科 技的消费者之间的互动方式。 阮仕珍珠：丰富内容策略 浙江阮仕珍珠股份有限公司成立于1988年，是一家垂直 整合珍珠企业。自2022年起，直播已成为其增长引擎和品牌 塑造工具 。 Chinese freshwater pearl earrings in 18-karat gold by Shanghai Demi Jewelry Co Ltd 上海德米珠宝有限公司的18K金中国淡水珍 珠耳环
FOCUS 焦点 PEARL REPORT | 21 | 2025-2026 Pearl Paradise：以直播建立客户关系 美国养殖珍珠协会(CPAA)主席、Pearl Paradise总裁兼首 席执行官Jeremy Shepherd推出了“It’s Mine”直播系列，目 前已占公司每月收入的25%至30%。 Shepherd表示，美国珠宝业是以关系为基础的。人们倾 向光顾他们信任的商家购买珠宝。在Pearl Paradise，直播发 展成为与收藏家和买家加深信任的策略。 Shepherd解释道：“我们希望重现传统电商中失去的个 人互动。我们的直播更像是店内体验，结合了现场对话、故 事分享和专家级的讲解，令人倍感亲切。” Pearl Paradise的直播节目提供很多独家内容，例如来 自大溪地、斐济、日本和墨西哥珍珠养殖业者的客座分享故 事；国际珠宝贸易展的现场直播；还有Pearl Paradise线上商 店未上架的稀有、精选的私人珠宝系列。Shepherd说：“这种 引人入胜的方式让客户直接接触真实的珍珠世界。” 大部分现场直播的观众都是Pearl-Guide社群的成 员。Shepherd于2004年创立了这个珍珠线上论坛，多年来积 累的信任，让直播节目从一开始就大获好评。 Shepherd强调：“我们是教育工作者。观众知道他们得 到的不仅仅是推销。我们介绍的每颗珍珠都会讲解产地、形 状、光泽、原产地和稀有性。这是人们不断回来的主要原因。 他们不仅是在购物，更是在加深对珍珠的欣赏。” 真实且具教育性的内容是引起共鸣的基础，尤其对于高 价值产品。Shepherd分享说，有些客户会购买价值1,000美 元的珍珠首饰；也有许多客户愿意花10,000至20,000美元在 珍珠作品上；其中最昂贵的一件，是一条价值96,000美元的 海螺珍珠项链。 该公司还推出了尊贵会员计划，展示最优质的珍珠，价 格从10万美元到超过100万美元不等。这些珍珠会在直播节 目中特别展示。每次直播后，有兴趣的观众都会联络他们， 安排私人会面。这已成为该公司对高端收藏家提供的主要 服务之一。 Shepherd表示，在美国，大多数直播带货都集中在低价、 冲动购买型的产品上。他说：“打入高价值产品市场需要的 不只是一台相机和一个折扣代码。市场上机遇处处，但必须 建立在真实性和专业性的基础上。” 阮仕珍珠品牌推荐官周京儿说：“我们于2022年开始做 直播，当年珍珠首饰线上销售额实现了显著增长。目前，我 们运营五个抖音账号，每个账号均配有多位主播，并提供差 异化产品，以满足多元化消费需求。从早到晚全时段我们都 有直播。” 周京儿指出，小米珠的走红成为珍珠首饰年轻化的转 捩点，也对2023年珍珠首饰线上销售的爆发式增长起到了 关键作用。年轻女性喜欢小米珠首饰，因其款式青春且价格 亲民 。 周京儿说：“目前竞争激烈的线上市场中，大部分的珍珠 产品价格比较便宜，但低价位的商业竞争是不健康的。阮仕 珍珠专注长期增长，坚持做高品质的珍珠，目标客户是中高 端市场中那些懂生活、爱珠宝的消费者。这一客户群体重视 质量，并愿意购买高品质的产品。” 该公司的高品质小米珠项链是直播中畅销的产品之一， 定价为人民币1,399元(约合美元195元)。她补充道，在一次 直播活动中，该产品销量超过10,000件。 该公司旨在通过在直播加入更多元化的内容、或是制作 更多有趣且具娱乐性的短视频，与直播带货的内容相辅相成， 最终提升品牌可见度与影响力。这对于维持客户参与度、帮助 直播主塑造独特个人风格，以及强化品牌形象至关重要。 她解释道：“直播本质上商业气息比较浓，但不断向用户 推销产品会让他们感到疲惫。你需要提供有意义且引人入 胜的内容来吸引观众，并建立更深层次的联系。我现在积极 创作更多丰富的内容，例如珍珠穿搭技巧、传统文化故事， 这种做法不仅能塑造品牌形象，还能让我作为主播的个人 形象更立体。” 虽然直播有助于扩大市场覆盖范围并提升销售额，但阮 仕珍珠仍持续拓展线下零售版图。该公司在一线购物区已 开设18家门店，并计划未来将销售网络扩展至50家。这些 门店主要提供高端设计与定制商品，进一步巩固品牌价值。 黛米珠宝：瞄准海外市场 成立于2003年的上海黛米珠宝有限公司是珍珠首饰电 商领域的先驱，成功在天猫等线上平台建立品牌知名度。 公司总裁郑靖说：“我们的线上渠道贡献了约90%的总销 售额，尽管直播带货并非我们的重点。”他续指，“因为直播销 售带来的挑战，如高退货率、大量人力和物流成本，往往削弱 利润。我们通过电商平台的上架产品实现稳定销售额。” 黛米珠宝以设计主导的产品、主力中端市场策略，实现 差异化，多年来在天猫平台上稳居头部商家行列。该品牌专 注于具有卓越光泽和独特设计风格的珍珠首饰，已积累了 一批忠实客户。 郑靖表示：“珍珠业的竞争剧烈，最大的挑战是如何突 围，在一众珍珠品牌中脱颖而出。价格是吸引线上买家注意 力的首要因素。建立品牌声誉以吸引回头客并实现重复购 买至关重要。” 黛米珠宝于2023年起从中低端市场，逐步转向高端客户 群，这反映了行业的整体趋势。他解释道：“由于低端产品陷 入激烈的价格战，开拓高端客户群是未来的发展趋势。” 凭借在本地电商领域的坚实基础，黛米珠宝正拓展业 务版图。郑靖透露：“2024年，我们开始布局进军海外市场， 并于2025年5月在亚马逊和拼多多Temu平台上线，尝试发 展美国市场。目前，我们正为美国第四季度的销售旺季做准 备，并瞄准黑色星期五和圣诞节期间的销售机遇。” Loose Fiji pearls from Pearl Paradise. These are among the most popular items during livestreaming sessions held by Pearl Paradise, shared company president Jeremy Shepherd. Pearl Paradise的斐济裸珠。该公司总裁Jeremy Shepherd表示，这些 是其直播活动中最受欢迎的商品之一
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