By Pierre Akkelian

In the midst of a global crisis, the pandemic created unforeseen avenues for certain sectors. While it severely disrupted most businesses, our industry found an unexpected spotlight, with fine jewellery evolving as a top non-essential purchase during the many lockdowns. The pearl market, in particular, witnessed a dynamic shift.

The heart of this pearl revolution lay in China, where the great majority of freshwater pearls—the most widely sold variety in the world—are cultivated. Stringent lockdown measures imposed by Chinese authorities disrupted not only daily life, but also the pearl production cycle. With travel bans and quarantine protocols in place, the intricately interconnected networks that sustain the global pearl industry came to a grinding halt.

Beyond China, the effects of the pandemic resonated globally. Tahitian pearl production, for instance, was compromised by the absence of crucial Chinese pearl seeding technicians. These seasonal migrant workers, who play a vital role in the Tahitian pearl cultivation process, were unable to travel, leading to a decline in both the quality and quantity of pearls produced. Further, to mitigate sinking prices of Tahitian pearls during the pandemic, the government introduced policies, limiting pearl production to 20 per cent of the pre-COVID numbers, thereby creating shortages and today’s rapidly raising prices. 

As the pandemic’s grip loosened, 2023 saw a consumer spending revival on pearls, especially in China. This resurgence, fuelled by suppressed demand and Asia’s bourgeoning wealth, has pushed pearl prices in all categories to new heights.

Indeed, one study places the overall market size for 2023 at US$10.49 billion (a growth of $2 billion over 2022) and further forecasts an increasing market size to $24.37 billion by 2030, with the Asia Pacific being the fastest growing market.¹ Thought parts of this report reveal a lack of product knowledge (particularly in the area of “significant threats”), it appears the forecasts have been calculated from several globally known sources.

Naturally, forecasts are just that: “forecasts.” Reality will check in as time passes.   

Price watch

Historically, the privilege of choosing the crème de la crème of pearls lay with North Americans and Europeans, due to their dominant economic position and the distribution dynamics of the global pearl market. However, Asia’s rising affluent class has since made an evident entrance into the market, intensifying competition. This surge from Asia, especially driven by its newly affluent demographic, not only elevated prices significantly on all types of pearls (often ranging from 25 to 50 per cent), but also posed challenges for Western consumers—particularly those in Canada, who grappled with additional economic constraints due to the weakness of the Canadian dollar.

The expanding interest from Asia isn’t solely an economic narrative; it mirrors a broader cultural evolution of how pearls are perceived and cherished. Once primarily seen as heirlooms or treasured gifts, pearls have evolved into symbols of self-expression and personal achievement for today’s consumer. They are not merely tokens of legacy—indeed, for the modern, younger, and affluent demographic, they represent personal milestones and modern luxury.

Modern style

This shifting perception aligns with pearls’ renaissance in contemporary fashion. No longer just the epitome of timeless elegance, pearls have embraced modernity with avant-garde designs and innovative interpretations on global fashion platforms for women and men alike.

Leading this change are pop culture icons and trend-setting celebrities. Harry Styles, for instance, elegantly blends the traditional with the contemporary by donning pearl necklaces, while Rihanna’s audacious use of pearls—from grand earrings to pearl-studded outfits—underscores their adaptability as modern statement pieces. Such transformations emphasize pearls’ evolving role from mere symbols of grace to expressive fashion staples, mirroring society’s broader shift towards individualism and evolving style conventions.

Complementing this cultural shift, contemporary designers are steering the trajectory of pearls in modern fashion. Moving past the classic pearl strand, they are venturing into daring designs that incorporate pearls into cutting-edge jewellery, further popularizing the gems among younger audiences who appreciate this melding of tradition and innovation.

Telling a story

Beyond their beauty and symbolism, the journey of a pearl from a mollusk to a jewellery piece is fascinating. The cultivation of pearls, also known as pearl farming, is a delicate blend of art and science. The process requires precision, patience, and care. From the choice of mollusks to the environment in which they are cultivated, numerous factors influence the quality and type of pearl produced. As these pearls become integrated into modern jewellery designs and consumer demand, understanding their intricate journey becomes even more essential.

Unlike other gemstones that require meticulous craftsmanship to sparkle, pearls emerge from nature’s hand already adorned with a unique lustre and beauty. Delving deeper into the world of pearls also reveals the challenges that lie beneath their lustrous surfaces. Like all industries, the pearl market faces challenges, the most pressing being environmental concerns. The deterioration of sea and lake ecosystems, exacerbated by pollution and climate change, poses significant threats to pearl cultivation. Yet, in these trying times, ethical pearl farmers are leading the way with eco-responsible methods, paving the way for a more sustainable industry.

Support for ethically sourced pearls is more vital than ever. It translates to cleaner aquatic environments and a stronger pearl industry. Initiatives like the World Jewellery Confederation’s (CIBJO’s) upcoming Essential Guide to Positive Pearls highlight the path to responsible pearl cultivation, marrying lustre with sustainability.

Pearls, being a beacon of sustainability and the epitome among gems, compel jewellers to emphasize practices that uplift communities, reduce carbon footprints, and boost marine life diversity. Their inherent elegance and ability to shine straight from nature make them an unparalleled gem.

Knowledge is key

Recognizing the enduring appeal of pearls, knowledge is undoubtedly a jeweller’s most potent tool. Ensuring sales associates understand the nuances of pearls is pivotal, as it not only guarantees customer satisfaction but also fosters trust and loyalty. Educational initiatives, like the “Pearls as One” online course,² play a crucial role in enhancing this understanding, particularly in today’s digital age.

This digital era has redefined the dynamics of the pearl-buying experience. With online platforms showcasing vast collections and interactive virtual try-on features, they are fast becoming the go-to for discerning buyers. Jewellers, in response, are blending tradition with technology, offering detailed insights, certifications, and augmented reality experiences that mirror the tactile allure of in-store visits. What’s more, as technology continually evolves, the pearl industry stands on the cusp of further revolutionizing the consumer purchase journey.

It is this intersection of tradition and technology that the gen-Z demographic, celebrated for its individualism and environmental consciousness, is most influencing. These digital natives, with their affinity for authenticity and ethical sourcing, are not merely consumers of pearl jewellery; they are active participants in its evolution. Their demand for unique, sustainable pieces prompts jewellers to innovate, offering bespoke designs and greater transparency.

Further, with gen-Z’s mastery of digital communication and ingrained social media presence, there is an increasing emphasis on immersive online shopping experiences, complete with virtual try-ons and captivating pearl origin stories. To genuinely resonate with this vibrant generation, the pearl industry must seamlessly blend innovation, ethics, and authenticity.

Amidst these rapid shifts and changes, however, one truth remains unchanged: the timeless allure of pearls. In a world pulsating with fleeting trends and ephemeral attractions, pearls continue to cast their enduring spell, transcending cultures and generations. Their unwavering charm, amplified even during the challenges of the pandemic, stands as a testament to their eternal elegance and profound beauty.

As the jewellery industry emerges rejuvenated from a stormy era, pearls shine as an embodiment of perfection and ageless fashion. These gemstones undeniably are, and always will be, born perfect and forever fashionable. 

Pierre Akkelian is president and co-founder of Montréal’s Canadian Gem (1997) and Nishi Pearls, based in Hong Kong. He previously served as president of the Canadian Jewellers Association (CJA), playing a pivotal role in the abolition of the jewellery excise tax in Canada. Since 2007, Akkelian, who is a leading voice for sustainability and advocacy for the industry, has served as a member of the World Jewellery Confederation’s (CIJBO’s) Pearl commission, which is comprised of world’s leading pearl experts.

References

¹ For more, see https://www.custommarketinsights.com/report/pearl-jewelry-market

² For more, visit https://www.pearlsasone.org. This online course, which has a market value of US$600, is offered for free for CJA members. Visit https://canadianjewellers.com/membership-benefits