The 17th Cooperate Tahiti Auction (Rikitea Auction) was held 6-7 November 2016 in Tahiti. The encouraging result marked a 31.88-percent higher than estimate, according to the Tahitian Pearl Association Hong Kong (TPAHK).
A total of 297,921 Tahitian pearls in a wide variety of colours, shapes and sizes were under auction, with 97.21 percent or 289,599 pieces fetched a total of 3,074,151 euros. TPAHK said the sale has drawn quality buyers from Japan, Hong Kong, French Polynesia, Taiwan, the United States and Hawaii. Buyers from Asia accounted for 73 percent of the pearls sold and 75.8 percent of total sales. Chan Ming Wing Pearl International Ltd, Chow Tai Fook (CTF), Eastern Pearl Co Ltd, Fook Yue Pearl Co Ltd, Gyso Pearls & Jewellery (HK) Ltd, Luen Hing Pearls, Jewellery Ltd and Merit Jewellery Group Limited were among the major buyers from Hong Kong. Representatives of CTF said the pearls bought are primarily for the China market.
TPAHK said due to supply shortage, there is a keen competition for top-grade round Tahitian pearls. Production of pearls declined substantially last year because of oyster shortage. Top-quality pearls unique in colour, shape, size and luster only represent less than two percent of the total production of Tahitian pearls. Prices have been on an upward trend due to excessive demands.
Although the global economy has not yet recovered, pearl is a comparatively affordable and fashionable luxury item. The encouraging result of the auction indicates that buyers are confident in pearls, added TPAHK.
Also held in Tahiti on 6 November was the 8th Tahiti Auction organised by GIE Poe O Tahiti Nui. A total of 167,797 pieces of Tahitian pearls were sold for 1,775,499 euros, of which 1,277,665 euros or about 72 percent of total sales were contributed by Asian buyers from Japan, Hong Kong and Taiwan who altogether bought 123,661 pieces, 74 percent of the total.
The two auctions have achieved 4.85 million euros from a total of 457,396 pearls sold.
The next auctions in Tahiti are scheduled for March 2017. (Photo courtesy: TPAHK)
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