ATP - General Discussion, page-195

Don't think they'd be called a direct replacement... but lack of Akoya had definitely impacted the south sea pearl market.
But i understand that its also supply issues due to farming constraints during covid... that's a big one. I know Paspaley had trouble getting their Japanese technicians into Australia for a period there... and lack of auctions... and all sorts of disruptions.
Investors (particularly Chinese apparently) buying up south sea pearls right now.
and a pretty significant shift in pearl demand... if you notice the popularity of pearls in the last couple of years... even popular with men now...

I'm holding... but still working through the risks that might bring it down...
currency and disease.. and environmental issues...

But i think its still good value at not much over NTA.