INSIGHT 睿智角度 30 | JNA September/October 2024 The pearl industry is witnessing a renaissance of sorts, ushered in by shifting perceptions of the pearl among a more discerning clientele. At the centre of this are progressive business strategies of major companies aimed at ensuring a sustainable future for the coveted gem. 珍珠的形象蜕变革新，令业界掀起一阵復兴热潮，也吸引了一群追求极致的顾客。 大型珍珠商因而推行渐进式业务策略，开创珍珠的可持续未来。 PEARL SECTOR charts a new course towards sustainable growth 珍珠行业的可持续增长 | Bernardette Sto. Domingo 杜明高 | The global pearl trade witnessed an exponential increase in business in 2023, bolstered by robust demand from the Asian market. High on buyers’ shopping lists were premium-quality pearls in impeccable shape and lustre alongside smaller-sized pearls, which have risen in popularity among younger consumers. Classic and sophisticated motifs remain extremely sought after but trendier, more unconventional designs are also gaining ground, giving the pearl an edgier appeal. Perception of pearls is also changing, notably among this younger clientele. This, in turn, could bolster longterm demand as these consumers mature and their purchasing power grows. According to industry players, while demand has been gradually stabilising from the highs of 2023, market appetite for pearls will remain unabated. The sustainable nature of pearls and the process by which they are cultivated and produced also presents a strong value proposition. More so today than ever, green practices coupled with innovative business strategies and the pearl’s versatile aura resonate heavily with increasingly perceptive and environment-conscious consumers. Hence, pearl companies are gearing up for a brighter future – one that places the beloved gem at the crux of groundbreaking jewellery designs, technology-driven farming and production, and sustainable development. Market overview According to Jacques Christophe Branellec, CEO of Philippines-based Jewelmer, the year 2023 was favourable for the company, owing to soaring fascination for the golden South Sea pearl. “With rising demand for this rare gem, prices increased as well. We are delighted to observe that wholesale traders are also confident in the market and in the brand’s offerings,” said Branellec. Michael Bracher, executive director of Australiabased pearl specialist Paspaley, noted that steady price increases occurring since 2021 were followed by a correction at the beginning of 2024. Prices have since risen again on the back of a demand upswing. In terms of markets, Asia – China in particular – saw the most significant uptick in demand while Europe and North America are likewise performing well. “All markets are benefiting from the growing perception of pearls as a fashionable and versatile gem.
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