Also probably key to understand what's happening with supply globally. If it is mainly a covid issue, supply will probably adjust in a couple of years. But, if it is also an environment issue, it probably means that supply problems will remain for some time. Of course, it would have a major effect on medium term prices, but also will raise questions regarding future quality of pearls and the level of harvesting.
It is true that there are signs that there is an environment issue, looking at Atlas Pearls problems, the average size of Akoya pearls which are getting smaller (due to high mortality of baby oysters), as well as what @ResGloStocks mentions regarding fresh water pearls.
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