Among all cultured pearl varieties in the market, South Sea pearls are the undisputed leader. Their large size, radiant lustre, thick nacre, limited suitable culturing areas, and extended growth period, all contribute to their desirability and value.
Paspaley, an Australian family-owned company with a history spanning 80 years and three generations, has been involved with the Australian South Sea pearls since its founder Nicholas Paspaley began his career in the natural pearl and mother-of-pearl business. Today, the company’s pearling operations encompass pearl production, wholesale, jewellery design, manufacturing and luxury retail.
Quality
The global financial crisis between the late 2008 and 2013 had a severe impact on the pearling industry and caused many producers to either reduce production or leave the industry altogether. While, even during the crisis, demand and prices for high-quality pearls that the stock remains tight were resilient. For this reason, Paspaley has continued to focus on improving the quality rather than increasing the quantity of its production.
“The quality of a cultured pearl is influenced by the species and health condition of the oyster, seeding and husbandry techniques, the pearl farming environment, and the length of the pearl husbandry period,” Peter Bracher, executive director of Paspaley Pearling Company Pty Ltd told Hong Kong Jewellery. To achieve the high pearl quality, the company predominantly uses wild-caught Australian Pinctada maxima oyster. “This is the largest pearl oyster in the world, producing nacre of superlative quality and beauty,” he said.
This variety of oyster is susceptible to diseases, which is why farming areas of South Sea pearls are quite limited. Attempts to expand South Sea pearl cultivation have met with little success because the oysters barely thrive outside their native and natural habitats.
Therefore, Paspaley has been investing in research and development and pearling infrastructure. It includes purpose-built pearling vessels that allow them to operate in ideal conditions, and a fleet of Grumman Mallard seaplanes to service pearl farms in the remote and pristine locations that are most suited to the production of fine quality pearls.
“Our husbandry period is a minimum of two years. This ensures that our pearls have the nacre thickness required to produce the radiant natural lustre that is the hallmark of fine quality Australian South Sea pearls,” Peter Bracher noted.
To ensure the production of perfectly matched high-quality strands, the company retains a significant stock of stranding material from one harvest to the next. Some strands include pearls harvested over 10 years or longer. Moreover, they offer strands, pairs, and loose pearls that are guaranteed to have natural colours and lustre without any chemical enhancements.
Environment
Driven by the principle that a pristine environment is essential to the production of fine quality pearls, the company has long been an advocate for the protection of the seas off Northern Australia where Pinctada maxima oysters’ habitats are. Besides, their divers collect wild oysters by hand, which is an environmentally friendly and sustainable form of commercial fishery, causing no damage to the seabed and producing no wasteful by-catch.
“The collection of wild oysters by hand is expensive and logistically complicated compared to growing oysters from spat in hatcheries, but it guarantees a reliable source of high- quality oysters best suited for pearl culturing,” said Bracher.
Combined with the carefully regulated quota system, this practice has earned the Australian pearling industry an international reputation as a model sustainable wild fishery. Due to this, Australia’s pearl beds are healthier today than they have been for more than a century. “The combination of leading farming practices and respect for the natural life cycle is pivotal to our success,” Bracher commented.
Studies have proven that Paspaley’s pearling operations have a benign environmental impact, and the company is in the process of being certified by an independent and internationally recognised marine conservation organisation.
Markets
Paspaley has retail presence in Australia, Hong Kong, the UAE, and online. On the wholesale level, they hold three major auctions in Hong Kong and one in Japan each year. Over the last three years, they have seen strong growth in both retail and wholesale with main market demand from China, the United States, and Europe.
“The general feeling in the market is that the industry, at least for medium- and high-end grades, is stable, which is important for consumer confidence,” Bracher said, “The recent Australian South Sea pearl market has been well. Production has maintained at consistent level, prices have risen significantly since post global financial crisis, and the demand has been strong.”
Education
For the last two years, Paspaley has been primarily focused on market education to improve consumers’ awareness of pearl types’ differentiation. “Many consumers regard pearls to be a single product category, whereas they are actually several distinct categories,” stated Bracher. With so many choices available in the market, the company recognised that the ongoing success of the Australian pearl industry depends on a better understanding within the marketplace of what makes Australian South Sea pearls special.
Outlook
When asked about future trends of the pearl industry, Peter Bracher said: “Pearls are timeless. There is evidence that they were valued by ancient ancestors in prehistoric times, adored by royalty through the ages, worn by movie stars during the Golden Age of cinema...There is an item of pearl jewellery to suit every person, every budget and every occasion. We believe the appeal of pearls will continue to grow as people seek out items of jewellery that are more individual, versatile and that reflect the timeless appeal of nature’s beauty.”
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