PEARL REPORT 2021

PEARL REPORT | 17 | 2021-2022 睿智角度 15 % to 20 % Decrease in South Sea pearl prices in the first half of 2020, according to Paspaley 根據 Paspaley 指， 2020 年上半年南洋珠價格下降的幅度 Pearl Cultivation Association Ltd (HKPCA), highlighted the exceptional allure of pearls that continues to draw buyers in despite a challenging macroeconomic environment. Pearling companies are also innovating to present pearls to clients in more engaging and educational ways. In Hong Kong, traders are using ecotourism to promote homegrown pearls. With funding from the Agriculture, Fisheries and Conservation Department, the association offers pearl workshops at sea where participants can experience first-hand how pearls are cultivated. They also get a chance to make their own pearl jewellery. Pearls are presented to them against the backdrop of Hong Kong’s rich pearling culture as well as emerging trends such as sustainability and environmentalism. A jeweller’s perspective UK-based fine jeweller Yoko London also counted on e-commerce to meet consumer demand during lockdowns, shared CEO Michael Hakimian. Clients were particularly interested in contemporary everyday jewellery that can be worn with any outfit anytime, anywhere. By 2021, the company’s bridal jewellery business improved dramatically, thanks to rescheduled weddings. Yoko London also employed full-time photographers and videographers to ensure that it provides customers with a wealth of digital resources to aid with online sales. It also developed a new collection, Sleek, in response to soaring demand for more wearable, daily-wear jewellery. This collection features smaller, high-quality Akoya pearls alongside diamonds in contemporary designs. Smaller pieces in modern designs are especially alluring to younger clients such as millennials and Gen-Zs. “Pearls are highly favoured throughout the ages, thanks to their enduring appeal. They never go out of style, which ensures that pearls are always in demand,” shared Hakimian. Outlook Government-led stimulus packages alongside lower interest rates bode well for major global economies, providing significant tailwind for many businesses, according to Paspaley’s Bracher. Consumers who could not travel or dine out as often as before also have higher disposable incomes. These developments are translating to a significant increase in discretionary luxury jewellery spending. “Consumers have had fewer ways to celebrate important occasions. Whether this total demand can be sustained as alternative spending categories, such as travel, are reopened remains to be seen,” he added. “However, there will certainly be pockets of growth to target.” Moving forward, consumers – inspired by greater appreciation for life and the planet alongside their desire for information – will become more discerning with their spending decisions and demand higher standards of social responsibility. “The year 2021 is shaping up to be a strong year. We anticipate 2022 to be stronger,” remarked Bracher. Paspaley, for its part, will continue to bolster its digital strategy by developing a wholesale platform to ensure that stock is available all year round. Tahitian pearl strand by Seibido Pearl Co Ltd Seibido Pearl Co Ltd 的大溪地珠串