Poe Rava Nui's 2nd Hong Kong auction sells 76% of Tahitian pearls offered

(Tahitipresse) - Poe Rava Nui's second Hong Kong auction sold 76% of the Tahitian cultured pearls offered,earning 3.17 million euros, or US$4.01 million. Although fewer pearls were sold in September than the first HongKong auction in June, their higher quality was not enough to earn a higher price per pearl or per gram.

The 166,847 Tahitian pearls sold for an average price of 19, or US$24, per pearl, Jewellery News Asia (JNA)reports on its Internet Web site. The June Hong Kong auction earned 3.37 million, or US$4.32 million. The Juneprice per pearl was 23.10, or US$29.56.

But in the critical price, the barometer that pearl wholesalers and retailers throughout the world watch closely, theSeptember auction had an average price per gram of 12.43, or US$15.73, compared with 14.96, or US$19.14, in June.

Poe Rava Nui said more A- and B- quality Tahitian pearls were put up for sale in September than during the JuneHong Kong auction, which sold 82% of the pearls offered, JNA reported.

The majority of the unsold lots in September contained higher quality Tahitian pearls, Poe Rava Nui Chairmanand General Manager Alfred Martin told JNA. He added "that the association did not want to sell those nicepearls cheap, and would keep them for future auctions".

Poe Rava Nui and Poe o Tahiti Nui will hold their first joint auction from Dec. 5-7 in Hong Kong, which will beduring the Hong Kong International Jewelry Manufacturers Exhibition from Dec. 7-10.

Elisabeth Moe, president of Poe o Tahiti Nui, visited Poe Rava Nui's September auction in Hong Kong, tellingJNA she was satisfied with the auction arrangements. Ms. Moe and Martin said they plan to hold their auctions -very likely joint auctions - in Hong Kong during 2007, JNA reported.

The September Poe Rava Nui auction lasted three days. Bids were opened on the second and third days for atotal of six times. The frequent bid openings, along with a lower proportion - 35% - of Tahitian pearls havingdisclosed floor prices - enable Poe Rava Nui to constantly review its pricing strategy, JNA reported.

There were a total of 52 potential buyers present, with 36 making purchases. Some of the buyers - fromAustralia, France, Spain and Switzerland - were newcomers to the Poe Rava Nui auctions, Martin told JNA.

This is the first year that Poe Rava Nui has not held a single auction in Tahiti. Until this year, Poe Rava Nui held32 international auctions in Tahiti, usually at the rate of three a year.

Poe Rava Nui, a cooperative that represents mostly medium size pearl farms in French Polynesia, moved itsauction to Asia for the first time last February. But the auction held in Suzhou, Jiangsu Province, on MainlandChina, only sold 63.3% of its 262 lots and 79.5% of its 157,616 pearls put up for sale.

Up until now, Poe O Tahiti Nui has held three small auctions in Tahiti, catering mainly to Japanese buyers. Thelatest auction, held in June, sold nearly 50,000 Tahitian pearls for about US$1 million, but was open only tomembers of the Japan Black Pearl Promotion association in Tokyo. The JBP, as the association was traditionallyknown, changed its name on Oct. 1 to the Tahiti Pearl Promotion Society of Japan.

JBP was created in 1994 as Perles de Tahiti's promotional arm in Japan. It is made up of Tahitian cultured pearlimport companies.