Just when it seemed pearls may have reached their peak, this year proved otherwise — they were everywhere.
Every look in Giorgio Armani’s latest Autumn/Winter 2024/2025 collection had pearl details and there were jackets and dresses fully draped in pearls. Pharrell Williams, the zeitgeist-defining musician and Louis Vuitton’s Men’s creative director, incorporated pearls into the second batch of his Titan capsule collection for Tiffany Co. Even brands known for their diamond expertise, such as Messika and Repossi, ventured into pearl designs this year, notably with Messika’s high jewellery collection Midnight Sun and Repossi’s Pearl Variation, a new take on the brand’s signature Serti Sur Vide.
Capping off the year, two major European exhibitions celebrate the enduring appeal of pearls. In Paris, Van Cleef Arpels, through L’École School of Jewellery Arts, is hosting a showcase (from 21 November to 1 June) at its new premises in the 9th arrondissement, which explores the historical pearl trade between the Gulf region and Paris. Meanwhile, in London, Selfridges is hosting Floating Shells by Maison Tasaki from 20 November to 5 January. The exhibition celebrates the Japanese pearl specialist’s 70th anniversary with unique collaborations that include pearl-studded sneakers, pearl-accented earphones and pearl-framed sunglasses.
Yet, as Tasaki’s CEO Toshikazu Tajima notes, this resurgence has come with strings attached. Since the Covid-19 pandemic, the prices of Akoya and South Sea pearls have surged by 50 per cent year-on-year, according to Mr Tajima. This trend has impacted all pearl varieties: Akoya, which are produced in Japan; freshwater pearls and South Sea pearls, including the black pearls typical of Tahiti; and golden pearls produced in the Philippines and Myanmar. These pearls are cultivated in the depths of the oceans through a meticulous and lengthy process: oysters are grown for three years before a bead and a piece of mantle tissue made from shell material are carefully inserted into their gonad. This stimulates the production of nacre, which, over one to three years or longer, forms a pearl. All in all, it takes nearly six years to grow pearls, and during this time, for the process to succeed, ocean waters must remain clean and maintain stable temperatures — conditions that have become increasingly unpredictable.
Tajima notes that the roots of today’s pearl price spike can be traced back to about six years ago when 95 per cent of baby oysters perished in the oceans. “Some said it was due to rising ocean temperatures, others blamed reduced oxygen levels or an unknown disease, and some attributed it to climate change,” says Tajima. “But we don’t have definitive scientific evidence.”
He also highlights other challenges driving up costs, including a growing labour shortage for the work of tending oysters under harsh conditions — whether scorching heat or biting cold — combined with increased consumer demand. To increase production and ease the strain, Tasaki, which also farms pearls for the wider market, is opening a new pearl farm in the next few months.
Prices fluctuate widely because pearls are typically sold at auctions and trade shows in Hong Kong and Japan, where dealers sell them wholesale in large quantities. However, a strand of nine-millimetre South Sea pearls, which last year traded for about $400 on the wholesale market, used to cost a third of that price before the pandemic. Pearls’ rising costs are hitting emerging jewellers the hardest and are compounded by the soaring cost of gold, which has jumped by 45.6 per cent — from $1,818 to $2,647 — since December 2021. By way of example, Michael Hakimian, CEO of Yoko London, says that a pre-pandemic strand of Akoya pearls fitted with an 18-karat gold clasp would have cost $3,000, while the same is worth $6,000 today.
For some, creativity has been the answer. Lito Karakostanoglou, founder of Lito Jewelry, turned to natural baroque pearls sourced from the vintage market to sidestep the spike, aligning the aesthetics with their Naturalia collection. Independent designer Melanie Georgacopoulos, known for her focus on pearls, has been stockpiling the sizes she uses most to offset future costs. Even so, she’s had to raise her prices. “Some clients have noticed the price increase for pieces they already own and are glad they bought them earlier,” she explains. “For new clients, we emphasise that prices are likely to rise further, making now the best time to invest in jewellery.”
Georgacopoulos is making a valid point. In the latest 2023 report by the World Jewellery Confederation (CIBJO), Peter Bracher of Paspaley Pearling, a pearl producer in Australia, notes that rising demand from emerging markets like China and India is competing with established markets such as the US, Japan and Europe, creating greater demand for fewer pearls. While production remains stable, he expects prices to rise into 2024, albeit at a slower pace than in 2022 — this is mainly linked to cooling demand in China.
“At Yoko London, we’ve absorbed some of the increased costs by averaging the value of existing and new stock, but across most categories, we’ve seen a 30-50 per cent rise in the pearl element of each item,” says Hakimian, “Combined with a nearly 30 per cent increase in gold prices, jewellery now costs at least 50 per cent more than it did pre-pandemic.”
Danish designer Sophie Bille-Brahe has responded by improving the traceability of the pearls she uses, offering clients transparency on market dynamics and their impact on prices. “Ensuring traceability helps us maintain high-quality sourcing and minimises our environmental impact,” she says, adding that it also allows her to communicate the importance of sustainability to her clients.
As a prominent pearl producer, Tasaki is investing in advanced technologies to enhance the quality and lifespan of its Akoya oysters, which are crucial to maintaining a healthy production of pearls but also contribute to broader marine conservation efforts. Akoya oysters naturally filter and purify seawater, with a single oyster capable of filtering up to 400 litres of water daily. With over four million oysters farmed annually, Tasaki’s positive impact on the ocean is significant and highlights how pearl farming done responsibly helps the environment. However, the brand also supports tree planting, coastal clean-ups, and other environmental initiatives to protect marine biodiversity.
Raising awareness about the link between pearls and ocean health is vital, agrees London-based jeweller Jessie Thomas. Despite the wider awareness about the effects of climate change, clients do not immediately associate oceans and pearls, explains Thomas. “Pearls are natural creations, and with the ocean s delicate balance being disturbed, their production is being affected,” she says. The price increase is only a wake-up call.
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