Nearly all commodity markets are self correcting, ie high prices...

Nearly all commodity markets are self correcting, ie high prices caused by supply shortages quickly stimulate supply and choke off demand leading to prices falling back. Normally commodity prices overshoot in both directions, in part due to speculative buying and selling in derivative markets. The market for pearls is not like other commodities - as far as I know, there is very little farmers can do to harvest more pearls of the same quality (at least without a few years’ delay), while as a luxury good higher prices have little impact on demand (indeed higher prices might make pearls more desirable for some consumers). Also, there are no financial markets which trade in Pearl futures, which can distort demand and supply. My point is that, unless tastes change suddenly and pearls become unfashionable, the underlying fundamentals which have resulted in prices doubling or more, are probably not going to change for some considerable time. There are very few, if any, other commodities with such inelastic demand and supply, where investors can be confident that high prices will last for a period of years. The only risk I can think of off the top of my head is the substitution of artificial pearls for naturally produced ones, but I haven’t seen any articles mentioning that.