PEARL REPORT 2021

PEARL REPORT | 15 | 2021-2022 睿智角度 W hen the Covid-19 pandemic struck in 2020, pearl companies dealt with difficulties that severely impacted their operations, particularly in terms of logistics and production. Prices fell while traditional avenues to sell goods became inaccessible. For a short but crucial time, world markets came to a halt and the pearl business was at a standstill. Consumer demand likewise softened as celebrations and life events took a backseat to more pressing, pandemic-related challenges. Disruptions however gave birth to more innovative ways to do business. Companies started to rely heavily on digital initiatives at a time when face-to-face transactions were impossible. Jewellery designers capitalised on a shift in consumer perspective and a rising preference for meaningful, more personalised pieces in coming up with fresh collections. Others meanwhile redirected their attention to new, potential areas of growth. Impact of Covid Putting in place Covid-related measures was no easy feat, according to Michael Bracher, executive director of Australia-based Paspaley Pearling Co. For instance, the company had to deal with lengthy mandatory quarantines and expensive special flights to transport people to remote areas of operations. “From a sales perspective, the market completely stopped between February and March 2020,” noted Bracher. During this time, Paspaley upped the ante and developed an online auction portal to sell pearls. It has held online auctions nearly every month since April 2020. Prices meanwhile dipped by 10 per cent to 15 per cent during the first half of 2020, he revealed. As such, Paspaley offered fewer goods in the market to avoid further price declines and reducing the value of its clients’ stocks.