The pearl sector in French Polynesia, already weakened before the pandemic, went through a deep crisis in 2019 and 2020, marked by a sharp decline in exports and per-gram pearl prices hitting a historic low.
According to the latest studies published by the French Polynesian Institute of Statistics (ISPF), the crisis began well before COVID-19, with signs of decline as early as 2018.
The statistics are alarming: the number of pearl oyster producers dropped by 8% in 2020, following a 1% decline in 2019, and farming areas shrank by 12.7% over three years. Pearl production also fell by 26%, dropping from 9.1 million to 6.7 million post-production inspected pearls.
The price of raw pearls plummeted by 51% between 2019 and 2020, falling from 485 Fcfp to just 270 Fcfp, largely due to reduced global demand and the closure of trade routes with Asia. Exports collapsed by 70.4% over three years, with a 50% drop in 2020 alone, totaling only 2.4 billion Fcfp.
Despite these alarming figures, early 2021 data shows a slight rebound, with exports already surpassing 2020 levels. These signs of recovery offer a glimmer of hope for the sector’s future, though structural reforms remain necessary to stabilize the industry in the long term.