The situation with South Sea pearls is no better, according to Sethi. “Nine-millimeter pearls we used to buy and sell around $250 are now costing us $400, so the selling price is $500,” he says. “Availability is again very minute—because now you have to pay by the lot. Nobody wants to sell you a selection or pairs. They say, ‘Buy mixed lots, and you have to pay top dollar.’”
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