75% sold at Tahiti auction’s debut in Nov

The 1st Tahitian Cultured Pearl Private Sale, held in French Polynesia in November 2007, sold 173,100, or 75 percent, of the 230,000 pearls on offer, bringing in 261 million French Pacific francs (FCP), or US$3.3 million.

Initiator of the auction, the Perliculture Minister of French Polynesia, Michel Yip, said he was very satisfied with the result.

The pearls, divided into 170 lots, were offered by several local economic interest groups – Poe Rava Nui, Te Poe O Tahiti Nui, Te Poe Black Pearl and Tahiti Rava Rava Pearl – which altogether represented about 30 pearl producers in French Polynesia, noted GIE Perles de Tahiti (PDT), auction organiser.

The average price was 1,600 FCP, or US$20.51, per gram, 23 percent higher than the pre-auction average price of 1,300 FCP, or US$16.67, PDT said.

The organiser added that one big difference between this auction and many other international pearl auctions was the pearl producers' right to propose a lower price for a lot if there was no buyer at the original, higher floor price. Although there were lots that went unsold, none of the producers lowered their lot prices. "We could have sold up to 90 percent of the pearls," said the perliculture minister.

Buyers were both local and from overseas. According to the Perliculture Ministry, the auction aimed at helping local and overseas buyers who do not or cannot participate in Tahitian pearl auctions held in Hong Kong and Kobe during the year.

The 2nd and 3rd editions are scheduled for March 19 and October 15, 2008 respectively.