Driven by growing demand in Asian markets, 2023 saw a significant surge in the global pearl industry. Buyers were captivated by pearls with nearly perfect shapes and luster, while smaller pearls became especially popular among younger consumers. While classic and elegant designs remain highly favored, there is increasing interest in contemporary, avant-garde styles that make pearls a bold fashion statement.
Young consumers are redefining their perceptions of pearls, and as their purchasing power grows, the industry anticipates sustained demand over the long term. Experts note that while pearl demand has stabilized since its peak in 2023, it continues to remain strong.
The pearl industry stands out for its sustainability and the unique value of its farming and production processes. Green practices and innovative strategies have unlocked the full potential of pearls, resonating with environmentally conscious and discerning customers. As a result, pearl companies are focusing on innovative jewelry designs, advanced farming technologies, and sustainable development to prepare for a bright future.
Market Dynamics
South Sea Pearls Shine in 2023
According to Jacques Christophe Branellec, CEO of Filipino pearl specialist Jewelmer, South Sea golden pearls reached unprecedented popularity in 2023.
“Demand for these rare pearls continues to rise, driving up prices. We are delighted to see wholesalers confident in both the market and our products,” Branellec shared.
Michael Bracher, executive director of Australian pearl supplier Paspaley, observed steady price increases since 2021, with further demand-driven surges in early 2024. Asia, particularly China, has shown the highest growth, followed by Europe and North America.
“Pearls are increasingly seen as versatile fashion gemstones, benefiting all markets,” said Bracher. Chinese consumers favor classic shapes like round, drop, and oval, while other markets are drawn to more affordable options with varied shapes and qualities.
Innovation in Pearl Farming
Japan’s Breakthroughs in Genetics
Japan, a pioneer in pearl farming since Mikimoto cultivated the first cultured pearls in 1893, continues to lead in 2024. A decade-long genetic research project now enables the production of healthier and higher-quality pearls through improved oyster breeding, as revealed by JPEA (Japan Pearl Exporters Association) President Keiji Sakuta.
Diversifying Colors in Myanmar
Hong Kong’s Lee Heng Diamond Company has introduced vibrant rainbow South Sea golden pearls in red, pink, and green hues. After three years of rigorous research, the company successfully scaled production of these naturally occurring pearl variants.
In 2024, Lee Heng also introduced high-quality white South Sea pearls from Myanmar’s Mergui Archipelago, a groundbreaking achievement for a country historically known for its golden pearls.
New Market Opportunities
Pearls are experiencing unprecedented demand among younger consumers, with innovative designs and sustainability practices attracting new demographics.
Expanding in Asia and Beyond
Bracher views India as a promising market due to its cultural affinity with pearls and robust economic growth. Similarly, Branellec sees China as a key market, with South Sea pearls gaining traction among sophisticated buyers. “Golden pearls symbolize prosperity and luck, resonating deeply with Chinese cultural aesthetics,” he explained.
Jewelmer has also reported significant success in Europe and South America, with young Brazilian buyers showing a particular interest in pearls.
Sustainability as a Core Principle
Sustainability is at the heart of the pearl industry. James Brown of Pearls of Australia emphasizes that pearl farming depends on the health of natural ecosystems, making environmental stewardship a fundamental responsibility.
“Pearls embody the intersection of natural heritage and cultural legacy,” Brown noted. His family’s third-generation pearl farm actively measures and manages the environmental and social impacts of pearl farming.
Collaborative Efforts
GIA (Gemological Institute of America) has supported pilot projects to help the pearl industry manage its social and environmental footprint. GIA’s Senior Manager for Pearl Identification, Zhou Chunhui, is working on defining “nacre continuity” parameters, which reflect the harmony between human efforts and nature.
“This advancement will enhance pearl grading systems and underscore the symbiotic relationship between humans and the environment,” Zhou said.