The Economics of Everyday Things 93. Pearls
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May 26, 2025 
Jeremy Shepherd, CEO of PearlParadise.com, shares his unique journey from flight attendant to pearl retail mogul. He discusses the enchanting transformation of pearls, from their natural origins to modern farming techniques. The conversation highlights the paradox of pearl farming, revealing the economic challenges and quality control faced by farmers. Jeremy also explores the complexities of sourcing pearls in an unregulated market while underscoring the impact of climate change and consumer trends on pearl pricing and supply.
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Challenges and Value in Pearl Farming
- Cultured pearl farming remains imperfect; only about 4-5 perfect round pearls harvested per thousand.
- Large South Sea pearls can reach 20 mm and wholesale for $20,000 to $100,000.
Cultured Pearl Creation Process
- Creating cultured pearls involves grafting tissue from a "donor" oyster into a host oyster with a bead.
- This process speeds production and helps produce rounder pearls.
Time and Costs in Pearl Farming
- Pearl farming takes about two years from seeding to harvest, increasing time and costs.
- High-quality leases cost more but yield better pearls, creating a balance between cost and quality.