PEARL REPORT 2021

PEARL REPORT | 16 | 2021-2022 INSIGHT “Each of the online auctions conducted last year saw a gradual increase in both price and volume albeit still below normal and sustainable levels by end-2020,” continued Bracher. “Demand rose significantly from February 2021 as shown in each of our auctions. Prices for high-quality pearls are now higher than pre-Covid levels.” Dr. Kawk Mie Chit of Myanmar- based Snow Pearl Jewellery likewise pointed to online sales as the saving grace of the business. The company sold pearl jewellery through its e-commerce platform and did live promotions as well. Political uncertainties coupled with a third wave of Covid-19 infections in the country are however taking their toll on the pearl sector. The Japan Pearl Exporters’ Association (JPEA) also depended on digital opportunities to sustain revenues in the absence of traveling and physical jewellery shows, according to JPEA Chairman Yoshihiro Shimizu. Japan’s domestic market remains active while buyers from China and the Philippines are regularly placing online orders for Japanese pearls and finished jewellery. Traditionally strong markets the US and Europe are also gradually buying pearls again, added Shimizu. State of the trade After the initial onslaught of Covid-19, demand for pearls regained momentum, according to Bracher. While pearl strands are a staple of any jewellery collection, Paspaley observed robust growth in demand for earrings and pendants, driven mostly by Asia as well as a younger clientele. Koji Isowa, president of Japan- based Tahitian pearl specialist Seibido Pearl Co Ltd, meanwhile encountered strong sales of multicoloured pearl necklaces. The company mainly deals in high-quality pearls with exceptional lustre. Pearls of 9mm to 10mm in diameter and priced between US$3,000 to US$10,000 per strand are also moving fast. Round South Sea pearls of more than 15mm in diameter in vivid gold colours are likewise highly sought after, disclosed Kawk of Snow Pearl Jewellery. White pearls from Australia meanwhile are especially favoured in China. Continued demand has also pushed up prices of exceptional pearls, according to JPEA’s Shimizu. Prices of better-quality Akoya and white South Sea pearls are generally 20 per cent to 30 per cent higher than those in 2020. Owing to production difficulties, prices of lower-quality Tahitian pearls have softened by around 30 to 40 per cent compared to pre-Covid levels. Decent-quality Tahitian pearls, which are in tight supply, still command high prices, explained Shimizu. Hong Kong-based pearl expert David Wong, who is also project manager at Hong Kong Paspaley Pearling Co’s fleet of ships navigates some of the world’s most remote coastlines to dive for wild shell; Akoya pearl and diamond ring by Yoko London Paspaley Pearling Co 的船隊到其中一些最偏遠的海岸線，潛下水裏尋找野生 珍珠貝； Yoko London 的海水珠鑽石戒指