Category Archives: south sea pearls

Book Review: Tears Of Mermaids

Book Review:

Tears of Mermaids, The Secret Story Of Pearls

Stephen G. Bloom

St. Martins Press

ISBN:  9780312363260, $27.99

by Richard W. Wise, G.G.

Layout 1First let me say I was a bit put-off by Mr. Bloom’s prose style.  He is without a doubt an elegant writer, but the glib-gonzo style, which is ok in a short piece, rapidly gets under the skin when stretched out to book length.

Mr. Bloom is a journalist and though journalists are not expected to necessarily be experts on the subjects the write about, they do have a responsibility to thoroughly research the topic and get it right.  There are times when Bloom does, but there are   times when he does not.

His first and most egregious error occurs in his introduction.  “Pearl pricing”, he says, “is totally subjective …The same strand can go for three thousand dollars or thirty thousand dollars.”  Nonsense!  Oh yes, there is a fool born every minute, but the fact is that pearls trade in a fairly orderly market.  So, absent the fool, no such gap between bid and ask prices exists (or the buyer would be soon out of business).  Bloom would have been correct if he had said that there is no universally accepted hierarchical grading nomenclature.  That is to say, one dealer may call the finest pearls “AAA”, while another may simply start with a single “A”.  However  the basic criteria: size, symmetry, surface, luster, orient and overtone are universal and used by all.

The writer’s statements about the people he meets in his travels say a great deal more about Mr. Bloom than they do about his sources.  For example, early in the book he meets a survey group, including the celebrated former National Geographic writer Fred Ward who “seemed too important to have anything to do with me.”  Well, I am familiar with that group and they have one afternoon in which to survey an entire gem show full of pearl dealers.  Could it be that Ward was simply focused on his work? Given the book’s stated objective, one wonders why his Chapter 5, The Rana of Fresno, was included at all.  Bloom takes such obvious pleasure in exposing the foibles, real and imagined, of his sources that, at times, it is difficult to tell if he is truly writing a book about pearls or just an extended gossip column.

Bloom’s comparison between the pearl and cocaine trade is unfortunate,  as are the constant inferences that the pearl trade, and pearl dealers in general, are really quite sleazy.  Bloom spends a page and a half justifying the cocaine comparison, finally admitting that “the biggest difference is that the possession of pearls is legal.”  Cocaine is sold by neighborhood dealers and pearls by local jewelers, hey, no difference there!  He might also have mentioned that unlike cocaine, pearls are not reduced in purity at every step along the distribution pipeline, and do not destroy the life of the purchaser– but that would have ruined the riff.

The above issues aside, there is much of value in Bloom’s book.  Few have the opportunity to spend so much time trying to understand this old and arcane industry.  Bloom’s first chapter, covering the history of pearls from the time of Columbus, is well researched and provocative.  Interesting as well is his chapter on life as a deckhand on a Pearl boat off the Australian coast, though his attempt to capture the Australian argot is ludicrous and his contempt for the working sailors palpable.  Yeah Stephen, having been a deckie, I kin tell yuz dat is ezakly the way sailors are “supposed to talk.”

His chapter on pearl trading in Hong Kong is excellent as is his description of diving off the Jewelmer pearl farm. A looming environmental catastrophe in the Philippines and his last two chapters about his visit to the island of Cubagua (where it all began) are thoughtful and poignant.  Had he spent more words discussing real issues of this sort and less time lampooning the hard working people who made his book possible (I am one of those local jewelers), I would have enjoyed it a good deal more.

Chinese Pearls; The Re-emergence of Quality!

Chinese History

by Richard W. Wise  © 2009

10mm Freshwater pearls, R. W. Wise, Goldsmiths.  Photo:  Jeff Scovil

10mm Freshwater pearls, from the R. W. Wise, Goldsmiths Collection. Photo: Jeff Scovil

Its been a long, long road.  The first known account of pearl culturing in China dates to 1086 (Donkin 1998).  In modern times, China has been producing commercial quantities of freshwater pearls since the 1970s.

From the early 70s the best of the small production coming from a small number of Chinese farms were sold to the Japanese.  The pearls were almost impossible to tell from the expensive Lake Biwa production and once they reached Tokyo, they were miraculously converted to Japanese pearls and sold as such.  By 1978, fully 60% of Japanese “Biwa” exports consisted of  pearls made in China (Strack 2006).

By the mid-80s a few Chinese freshwater pearls leaked out of the pipeline.  I recall buying from one dealer in Tucson, small 5-7mm single button  and egg shaped pastel colored pearls with the metallic luster for which they have since become famous.    By the late 80s pioneers like Fuji Voll of Pacific Pearls was bringing in 7-9mm high luster, smooth buttons which could be easily matched and sold at very big markups.  The problem of dealers is that more kept coming, they kept getting bigger and better and prices kept falling.

Then in the late 80s culminating in 1994 large numbers of round 9-14mm suddenly appeared in the U. S. market.  Prices were all over the place.  I saw some exceptional 9-10mm almost rounds for a couple of thousand dollars as well as similar stands for over $4,000.   James Peach showed some amazing singles up to 14mm and exhibited one strand of completely round metallic natural color pastel pearls with an asking price of $85,000.  Suddenly everyone became a pearl dealer.  Then poof, these high quality round pearls were gone.

The high quality rounds disappeared and left many a newly minted pearl dealer high and dry.   What happened.  I have heard several stories.  According to Strack, more farms were added in 1994 which led to falling prices in 1995, so farmers simply left their shells in the water unharvested for two years resulting in a spike of high quality large rounds.  Another story told to me by a dealer:  it takes two years to produce a 10mm+ nucleated South sea pearl and five years to produce a non-nucleated 10mm+ Chinese round and the Chinese figured they couldn’t compete.   Whatever the reason, high quality rounds disappeared and all that was left at the high end were off-rounds the market dubbed “potatoes.”

Bigger  Rounds Are Back:

Freshwater pearls from China with metallic luster.  Photo courtesy:  Pearl Paradise
Freshwater pearls from China with metallic luster. Photo courtesy: Pearl Paradise

A couple of weeks ago, Jeremy Shepherd of Pearl Paradise sent me two strands of 9-9.5 mm Chinese metallic multicolor and these pearls were truly eight way rollers.

The beads were round, the skin smooth and the luster metallic.  These are qualities reminiscent of the mid-90s.  According to Shepherd there are indeed larger sizes in production but quality drops off rapidly above 10mm and prices begin to increase geometrically for finer pearls above that size.

Total Chinese pearl production peaked in 2007 at 1,600 tons and have been declining every year since.  Production in 2010 is estimated at 1,000 tons approximately the same level  as 2004.  Seems like the Chinese are working towards higher quality. Continue reading