Pearl Market Update

I found the Reuters's report on Japan's akoya pearl industry intriguing. The industry is facing collapse due to plunging sales + stiff competition from China. According to Mikimoto & Co, China now has 50 times Japan's pearl production capacity and the pearls are much more price-competitive + competition from South Sea/Tahitian pearls, which are often bigger than akoya, is attracting consumers in many western countries. Sign of the times, I guess.