Few gems have fascinated mankind as much as pearls. For centuries, these shimmering orbs from the sea were the ultimate symbol of wealth and status. In ancient Rome, Julius Caesar barred women below a certain rank from wearing pearls to distinguish the classes. The 16th century European nobility were mad for pearls, stitching them lavishly onto their clothing and starting wars to claim the pearl-rich colonies of the New World.
Today pearls remain just as captivating, but the secrets of their cultivation have made them more accessible to all. However, the value of any given pearl varies hugely based on its type, size and quality factors. Whether you are a serious collector looking to invest or simply want to know if grandma‘s old pearl brooch is a hidden treasure, here is the ultimate in-depth guide to pearl valuation.
Natural Pearls: Rare Wonders of the Sea
Before the 20th century, the only source of pearls was wild mollusks. Natural pearls form by chance inside oysters and mussels when an organic irritant gets trapped inside the shell. The mollusk protects itself by coating the intruder in thousands of layers of nacre – the same iridescent substance that lines the shell.
Over several years, the layers build up around the irritant to form a lustrous pearl. But it‘s a rare event – only about 1 in 10,000 wild oysters will ever produce a pearl. The arduous process of finding and harvesting natural pearls made them extremely expensive and elusive throughout history.
In 1917, famed jeweler Pierre Cartier bought his now iconic Fifth Avenue mansion in exchange for a $1 million double-strand natural pearl necklace coveted by the property owner, showing just how precious natural pearls were in their heyday. Today there is very little new natural pearl supply, so they are even more scarce. Almost all pearls on the market now come from pearl farms.
Cultured Pearls: Pearls for the Modern Age
In 1893, Kokichi Mikimoto successfully created the world‘s first cultured pearls. By surgically inserting a bead into an akoya oyster, his team stimulated the oyster to form a pearl sac and begin the secretion of nacre layers just like in nature. The bead served as a perfectly round nucleus for the pearl.
This process was replicated and optimized on a mass scale, making cultured pearls widely accessible by the mid 20th century. Today, cultured pearls are farmed in several oyster species, each producing a signature pearl type:
- Akoya pearls from akoya oysters, known for their classic round white strands
- South Sea pearls from silver or golden-lipped south sea oysters, the largest saltwater pearls
- Tahitian pearls from black-lipped oysters, famed for their exotic dark colors
- Freshwater pearls from various mussel species, the most affordable pearls
While cultured pearls come from mollusks just like natural pearls, they aren‘t considered quite as valuable because they aren‘t formed spontaneously. However, the quality standards for cultured pearls are still extremely high. It takes immense skill to produce a perfectly round pearl with flawless luster.
The value of a cultured pearl depends on several quality factors:
- Size: measured by diameter in millimeters, with most pearls falling in the 7-11mm range. 15+mm pearls are very rare.
- Shape: round is most valuable, but symmetrical drops, ovals and baroques also have value
- Luster: the intensity and sharpness of reflections on the surface, the brighter the better
- Surface: the smoothness and lack of spots, bumps or cracks, with clean surfaces more valuable
- Color: the purity and saturation of color, with even bright colors most desirable
- Matching: for strands or sets, the consistency in size, shape, color and luster of every pearl
- Treatments: any artificial color or luster enhancements will lower value
Here is a summary of how important each factor is in determining pearl value:
| Value Factor | Significance |
|---|---|
| Size | High |
| Shape | High |
| Luster | Very High |
| Surface | Very High |
| Color | Medium |
| Matching | High |
| Treatments | Low |
What Are Pearls Worth Today?
With so many variables affecting pearl pricing, the value can range from under $100 to over $10 million. But here are some general price ranges for typical pearl strands in the U.S. market:
Akoya Pearls:
- 6.5-7.0mm (fine quality): $300-$1,000
- 7.5-8.0mm (fine quality): $1,000-$3,000
- 8.5-9.0mm (fine quality): $2,000-$8,000+
Freshwater Pearls:
- 7.0-8.0mm (fine quality): $50-$300
- 8.0-9.0mm (fine quality): $100-$500
- 10-11mm (fine quality): $300-$2,000+
Tahitian Pearls:
- 9-10mm (fine quality): $500-$1,500
- 11-12mm (fine quality): $1,000-$3,000
- 13-15+mm (fine quality): $4,000-$25,000+
South Sea Pearls:
- 10-11mm (fine quality): $1,500-$3,000
- 12-13mm (fine quality): $3,000-$8,000
- 14-15+mm (fine quality): $8,000-$100,000+
Note that these are prices for top quality specimens in each size class. Individual pearls that are particularly well-rounded or lustrous can command a premium, while those with noticeable flaws will be discounted.
Baroque, circled and heavily blemished pearls of any variety are much more affordable, with strands available under $100. The value sweet spot for most pearl types is in the 7-9mm range. Prices for pearls above 10mm go up exponentially, since they are so scarce.
Buyer Beware: Tips from the Experts
When buying pearls, the key is to understand exactly what you‘re paying for. Unscrupulous dealers may try to pass off treated, imitation or inferior pearls for much more than they‘re worth. Here‘s what to watch out for:
- Treatment Tricks: Pearls can be bleached, dyed, coated or even irradiated to enhance their appearance. Ask if the pearls are untreated and look for official GIA treatment reports.
- Imitation Pearls: Fake pearls made of glass, plastic or shell are widespread. Real pearls are cool to the touch at first, while fakes warm up quickly. A tooth test isn‘t definitive.
- Inflated Grades: Some sellers claim "AAA" or "AAAA" grades – these aren‘t standardized across the industry. Go by the specific value factors, not hyperbole.
- One-Sided Inspection: Always examine the drill holes and hidden back sides of strands or jewelry. Flaws or mismatches are often tucked out of sight.
- Vague Origin: Demand to know the mollusk type (ex. akoya or south sea oyster) and origin of the pearls. Top dealers have longstanding ties to the best farms.
- "Too Good to be True" Deals: You usually can‘t cheat the market. If it sounds too cheap for the size and quality, be very wary. Buy from trusted sellers only.
When in doubt, have the pearls evaluated by an independent accredited gemological lab like GIA or a trusted appraiser before buying. Their trained experts can spot treatments and assess all value factors impartially. It‘s well worth the assurance that your investment is sound.
Investing in Pearls: A Collector‘s Market
Unlike commodities such as gold or diamonds, pearls aren‘t an obvious or easy investment vehicle. There is no universal grading system or price list to go by. They are also hard to liquidate quickly, as most dealers buy secondhand pearls for a fraction of retail value.
However, fine pearls do tend to appreciate well over time. According to Henry Blomqvist, sales director at auction house Sotheby‘s, "If you look back over the past 10 or 20 years, exceptional natural pearls have increased in value around 10-12% per annum, making them an attractive investment."
Cultured pearls can also gain value if they are of very high quality, limited edition, or from a prestigious brand. "The secondary market for signed pearl jewelry from the likes of Cartier, Van Cleef & Arpels, Verdura, Bulgari is very strong," notes Russell Shor, senior industry analyst at the GIA.
Like art, the pearl market has its trends and fashions. Bold baroque pearls and edgy Tahitian strands are in vogue at the moment, while classic Akoyas are less popular. But owning a diverse array of pearl types and styles, perhaps unified by their exceptional luster, will give a collection staying power.
"Pearls evoke such emotion in people. To handle a stud or necklace that you know has been treasured and passed down for generations – there is nothing else quite like it. That lasting power is what makes collecting pearls so special," reflects Bill Boyajian, founder of Bill Boyajian & Associates jewelry consultancy.
How to Care for Pearls and Maintain Value
With proper care, pearls can last for generations. But they are more delicate than most gems and require special consideration to stay pristine. Here are the essential dos and don‘ts for each pearl type:
Akoya, Freshwater and South Sea Pearls
- Do wipe pearls gently with a damp soft cloth after each wear to remove oils, perfume and dirt
- Don‘t store pearls in airtight plastic bags, which can dry them out
- Do keep them in a soft pouch separate from other jewelry to prevent damage
- Don‘t use any harsh detergents, abrasives or ultrasonic cleaners
Tahitian Pearls
- Do have strands restrung every few years as the silk stretches out
- Don‘t wear pearls in the shower, swimming pool or hot tub
- Do put pearl jewelry on after applying makeup, hairspray and perfume
- Don‘t use a toothbrush or any hard bristled brush to clean them
If the surface of any pearl jewel becomes noticeably dull or discolored, bring it to a professional jeweler who has experience in restoring pearls. They may be able to revive the nacre through gentle polishing and treatments. But prevention through careful wear and storage is always the best strategy.
The Future of Pearls: Sustainability Challenges
While pearl demand remains strong, there are questions about the long-term viability of the industry. In the 20th century, overharvesting and pollution threatened many wild oyster populations. Today, climate change, ocean acidification and plastics pose grave risks to farmed mollusks.
The process of culturing pearls is also very resource-intensive, with the largest farms each churning through millions of oysters per harvest. The high volume of shell waste can strain local ecosystems if not disposed of properly. Many unethical farms have also been exposed for exploitative labor practices and dismal working conditions.
But there is hope. Organizations like the Marine Stewardship Council and Sustainable Pearls is working to develop comprehensive sustainability standards for responsible pearl farming. Consumers are increasingly eco-conscious and willing to pay a premium for pearls that are ethically and transparently sourced. Several top farms now emphasize fair labor practices and donate a portion of proceeds to marine conservation.
By supporting sustainable pearl cultivation, the allure and value of pearls may endure for future generations to cherish. As acclaimed jewelry historian Vivienne Becker once wrote, "Pearls are a miracle of nature, a symbol of purity and perfection. Today we must ensure that the pursuit of the perfect pearl is not at the cost of our oceans and our humanity. Only then can their legacy truly be eternal."
