The demand for pearls in China, page-69

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"Last year, freshwater pearl prices rose by 30% to 50%, with hot-selling items increasing by as much as 80%, and saltwater pearls more than doubling in price," said an industry insider. "However, compared to last year's widespread increases, the pearl market has gradually returned to calm and rationality this year."

Zhou Bin, a second-generation pearl farmer in Zhuji, deeply understands this. "Last year, the wholesale price of near-round rice pearls reached 14,000 yuan per kilogram, but this year, they are generally priced between 6,000 and 7,000 yuan per kilogram."

Zhou attributed the price drop to increased production capacity and ample market supply. "Prices naturally came down as a result of market self-regulation. Pearls like freshwater AK and Edison have dropped by 10% to 20% compared to last year."

Zhou's farm mainly produces rice pearls, freshwater AK, Edison, and Baroque pearls, with an annual output of over 1,600 kilograms last year. In June of last year, he expanded his farming operation by launching a base in Wuhu, Anhui, increasing the size from 2,500 to 3,500 mu (around 577 acres). Rice pearls have a relatively short growth cycle of 8 to 10 months, and now is the harvest season.

"By the end of the year, I estimate that our annual output will exceed 3,000 kilograms," Zhou said confidently, though with a clear mind. "The pearl market has already entered an adjustment period this year, and consumers have become more rational. The resellers and speculators who flocked to Zhuji from across the country last year have quietly left."