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Although
the value of pearls gradually began to decrease as from
1990-91, this period also marked the beginning of a period of
expansion in the pearl production industry, as can be seen
from the above graphs.
The
popularity of pearl farming led hundreds of families to
take up this new occupation. The deliberately approximate
descriptions available nevertheless give a rough idea of
the haphazard conditions under which the newly-fledged
farmers flung themselves into this enterprise.
In
this context, the methods used and the knowledge and means
available were
insufficient, the approach adopted was empirical and the
outcome was damaging in the case of 90% of all the start-ups
embarking in a field of activity which requires great care and
patience above all.
As
a result, the market was flooded with medium quality to
mediocre products, such as pearls from oysters which had not
been regularly checked and cleaned, and immature pearls which
had not been allowed to develop for long enough.
In
addition to the poor quality of the pearls, no real
efforts were made after 1990-92 to organise the market in
order to at least maintain
the sales prices of pearls per gramme, if not prevent them
from plummeting altogether.
A
study carried out in 1997 by various General Interest
Groups (G.I.E) showed that between 1990 and 1994, 85% of
all the pearl-producing micro-firms which started up sold
their first pearl crops locally to travelling dealers. By
by-passing the wholesale traders, these dealers manage to
bargain for pearls lower, often rock-bottom prices, using
attractive modern sales techniques: they often pay small
cash sums for goods which have taken two years of hard
labour and financial aid to produce..
Further
drops in the value of pearls also occurred, however,
during some exceptionally unfavourable economic periods,
such as the year 1995. The enforced withdrawal of the
giant Japanese firm monopolising the pearl market when its
capital, Kobé, was struck by an earthquake in January
1995, resulting in an dramatic economic crisis (the value
of the Yen dropped by 13% from April to September), had
considerable repercussions on the sales. This crisis
spread to all the emerging
South-East Asian countries such as Singapore and
the Philippines, which are the Territory's main clients.
That same year, Polynesia also had to cope with the social
and financial problems which were triggered by the
decision to resume
the nuclear tests off the island of Moruroa. As the result
of these events, the Territory attracted far fewer
tourists and the pearl trade was badly hit.
The
members of the pearl trade which mushroomed in 1990 did not
take the trouble to regulate and organise its market
activities as they should have while these were thriving. A
whole series of unfavourable events then reflected and further
aggravated the decline in the value of pearls which started in
1990.
Unfortunately
the results obtained in 1998 and 1999 were not able to stem
the devaluation of the Polynesian gems.
To
quote Mr. Robert WAN, the uncontested leader of the Tahitian
pearl industry, a member of the number one French exporters'
club, who was interviewed in August 1997 in the oyster-growers'
review "l'Ostréiculteur Français":
"The
cultured pearl industry is still in its early youth, and is
still far from having become self-sufficient..."
It
should not be forgotten in this connection that the soaring
production figures recorded since 1992 have naturally had some
effect on the prices. Although the world market for
black pearls is expanding by 8% a year on the average,
it is not absorbing the entire output, especially as far as
the mediocre
quality pearls are concerned: these are very difficult to sell,
and the majority of all the pearls produced belong to this
category. Here again, we agree with Mr. Robert WAN's analysis
of the situation when he blames the mishaps which have
undeniably befallen the Polynesian pearl industry rather than
internal structural factors.
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