Pearls Offer Value as Gold Prices Climb: Market Insights from Zhuji

25 Mar 2026

Raw Pearls continues to lead the way in supplying fine quality freshwater pearls, amongst other types of pearl, to the UK retail market. Following a recent sourcing trip to Mainland China and Hong Kong, we wanted to share some observations on the current state of the freshwater pearl market with our retail partners.

The key stop on our trip was Zhuji Pearl City in Zhejiang province. This is widely regarded as the central trading hub of China’s freshwater pearl industry. While the journey is not a short one, Zhuji remains one of the most important places in the world for buyers seeking the widest range of freshwater cultured pearls and competitive pricing. The area hosts numerous factories and processing facilities, where pearls are paired, drilled and strung once they are harvested, and it’s where Raw Pearls has forged strong supply relationships over its 40 plus year history.

Zhuji’s pearl market is predominantly attended by Chinese buyers, though some international buyers do make the trip to secure supply directly. For those willing to travel, the availability on offer remains unmatched.

In terms of pricing, freshwater pearl values are broadly stable. As is often the case, for certain sizes the pricing has softened a little while others have risen marginally where supply is tighter. Quiet relief as we continue to adjust to the ever-changing gold prices… In fact, in the current market pearls represent particularly good value for retailers and their customers. While pearl jewellery does of course incorporate precious metal components and has therefore seen some price pressure as metals rise, pearls themselves remain comparatively affordable. At a time when precious metal prices are historically high, pearls allow retailers to offer beautiful, substantial jewellery pieces where the focus of the value lies in the gemstone rather than the weight of the metal.

This year we observed particularly strong availability of white round pearls up to the 5.5–6mm range, as well as from 9mm upwards. However, the 6–7mm and 7–8mm sizes are currently shorter in supply, which has supported firmer prices in these sizes. Encouragingly, suppliers expect improved availability in these sizes from next year’s harvest.

Globally, demand continues to be driven primarily by white pearls, and much of the market’s production remains focused on supplying this. While Chinese suppliers also produce pearls in peach and purple tones (often referred to locally as “orange” and “pink”), these colours tend to be less commercially viable in some international markets. The soft baby-pink and mid-pink hues that we often look for are currently relatively scarce in the market. Dyed materials such as silver grey and peacock colours are also notably limited, reflecting weaker demand compared with white pearls.

Another noticeable continued shift relates to the pearl shapes available. As farmers increasingly bead-nucleate freshwater pearls, the proportion of round, near-round and off-round pearls continues to grow. At the same time, more irregular shapes such as baroque, barrel and especially keshi pearls remain in very short supply, a trend that has been evident for several years now.

Overall, the freshwater pearl market remains steady, with supply dynamics continuing to evolve as farming techniques advance and global demand concentrates around classic white round pearls. In the current precious metals environment, pearls continue to offer retailers a compelling category where customers can achieve strong visual impact and perceived value without relying solely on the intrinsic value of metal.

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Source: Raw Pearls