FOCUS 焦点 20 | JNA November/December 2023 Pearls are the darlings of today’s jewellery industry. Symbolising organic beauty, versatility and an illustrious past, they consistently take pride of place in the luxury sector as favoured centrepieces in high jewellery collections. Demand is also robust among a younger generation of buyers who value the pearl’s creative potential as well as men who increasingly wear the gem as a fashion statement. This exceptional demand is pushing prices up, with traders pointing to significant price adjustments for Japanese Akoya, South Sea and Tahitian pearls from preCovid levels. Supply constraints, owing to high demand coupled with oyster mortality and environmental challenges such as water temperature fluctuations, are also a concern, but several dealers and manufacturers remain confident that pearls currently in their inventory can keep the market afloat. . Pearl business China is leading the demand upsurge for pearls while the US and Europe are also seeing solid market appetite, especially for premium-quality pearls. According to George Kakuda, chairman of the Japan Pearl Exporters Association (JPEA), strong demand from China is driving steep price increases that buyers from other countries are struggling to accommodate. Unit prices of Japanese Akoya pearls at auction have so far increased by more than 100 per cent to Y7,300 per momme from Y3,000 per momme in 2015 to 2020. These figures were based on results of joint sales, representing average price per momme of top- to low-quality goods. Fine-quality, round white South Sea pearls, meanwhile, saw unit price adjustments of close to 200 per cent to Y200,000 per momme from Y70,000 per momme pre-Covid. Sourcing has also become more challenging. Kakuda said market developments are redefining the pearl business in Japan. In the past, dealers could easily supply pearls according to customers’ exact sourcing needs and specifications whereas now, it is the other way around. “Stocks are limited, so we had to change our strategy. Now, we present what we have to the market, with a specific price range, and ask who is interested,” he said. Rosario Autore, CEO and founder of Australian South Sea pearl specialist Autore, said fewer companies are producing better-quality white South Sea pearls amid increasing demand. Asia, led by China and Japan, are prime movers in the pearl trade but demand is steadily growing in the US and | Bernardette Sto. Domingo 杜明高 | The pearl industry is witnessing unprecedented growth across all pearl varieties as well as increased market appreciation for novelty in jewellery designs. Challenges notwithstanding, pearl companies remain bullish about business prospects as global demand for the treasured gem gains further traction. 不论任何品种，珍珠行业正经历前所 未有的增长，而市场对新颖珠宝设计的认受程度也不断提升。尽管面临挑战，随 着全球珍珠需求增加，许多珍珠公司仍然看好行业前景。 Pearl sector CHAMPIONS BUSINESS AND DESIGN INNOVATION 珍珠行业倡导业务和设计创新
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