Saturday, November 9, 2024

Soaring Chinese demand drives dramatic rise in pearl prices

He gives a dramatic example of the enormous appetite Chinese buyers have for pearls from the annual – and highly anticipated – Robert Wan pearl auction, which takes place at the Hong Kong show in September.

“He held an auction when we were in Hong Kong, and the night before a Chinese guy came and bought the entire Robert Wan auction,” says Sethi. “The auction was cancelled.”

Sethi says that multicoloured Tahitian pearls in 9-11mm and 10-12mm necklaces were going for $40,000 wholesale. “But in March they were $10,000, $12,000, $14,000.”

The current dynamic is unsustainable, says Sethi. “Right now there are no pearls to sell and no pearls to buy.”
“The bottom line is that the whole pearl industry, the farmers and the manufacturers, are in seventh heaven,” he says. “I’m happy because I’ve sold a lot, but I’m not happy because we can’t buy anything. It’s going to be a very difficult last quarter and into next year. Demand is not slowing down.

Sethi advises retailers to manage their expectations accordingly. “We have a sad story – we have to tell people we can’t supply them,” says Sethi. “We were selling 8mm pairs of Tahitian pearls for $500 retail a pair, and now the price is going up to $800 to $1,000 retail a pair, and we don’t have the supply.

“My suggestion to all retailers is to look at their suppliers and if they have older stock and they’re willing to sell at old prices, don’t even blink – grab it,” he adds. “Once that stock is gone, supply is going to be very tight unless the Chinese market does a 180. It’s madness.”

Elite white South Sea pearl drops (13-14 mm) in 18-carat white gold with 1.88 ct. ww. diamonds, $4,095; Tara Pearls

Alice
Alice
Alice is a seasoned jewelry designer renowned for her exquisite creations that seamlessly blend artistry with elegance. With a passion for craftsmanship and an unwavering commitment to quality, Alice has established herself as a distinguished figure in the world of fine jewelry. Drawing inspiration from diverse cultures and artistic movements, Alice brings a unique perspective to her designs, creating pieces that transcend mere accessories to become timeless works of art. Her meticulous attention to detail and insistence on using only the finest materials ensure that each creation reflects not only her artistic vision but also a commitment to unparalleled craftsmanship. Having honed her skills through years of dedicated practice and a keen understanding of evolving trends, Alice is adept at translating her clients' desires into bespoke, one-of-a-kind pieces. Her portfolio encompasses a range of styles, from classic and timeless to avant-garde and contemporary, showcasing her versatility and ability to cater to a diverse clientele.

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