The latest information on pearl farming in Tahiti

While it is actively seeking private shareholders to complete its share capital of 590 million XPF — 85% of which is already held by the government — the initiative is struggling to gain support.

During a recent meeting, pearl farmers highlighted several difficulties. Although several professionals attended, the collective “Touche pas à ma perle” has already called for a boycott, signaling its disapproval. The absence of a clear business plan and transparency regarding the operation of the TPC has raised concerns, even among producers who were present.

Influential producer Franck Tehaamatai conditioned his involvement on several requirements, including greater representation of private shareholders on the Board of Directors. He also mentioned the need to transform the SEM into a simplified joint-stock company (SAS) that would be majority-owned by industry professionals.

Beyond the organizational structure, Franck Tehaamatai raised questions about the SEM’s stated purpose, which he considered overly complex. He also expressed doubts about the government’s experience with this type of project, stressing that pearl industry professionals — who better understand the realities of the field — should play a larger role.

As for the financing of the remaining 15% private shareholding needed to finalize the project, it remains uncertain. Professionals are still waiting for details on the next steps, as well as a timeline to determine how the necessary funds will be raised. The road to the full realization of the Tahiti Pearl Consortium therefore appears fraught with obstacles.

Although adopted, the decision is far from unanimous, sparking strong reservations and questions among industry professionals — and even within the political majority.

The Minister of Marine Resources, Temauri Foster, a staunch supporter of the TPC, is struggling to persuade critics, and doubts remain about the effectiveness of this initiative in reviving a pearl farming sector that has been in crisis for several years. The opposition and members of the collective “Touche pas à ma perle” have openly voiced their discontent, denouncing a lack of prior consultation and the rushed nature of the project’s implementation.

Industry professionals remain concerned about the absence of tangible guarantees and the lack of a solid business plan. Influential producer Franck Tehaamatai has conditioned his support on several requirements, including greater representation of private shareholders on the Board of Directors. Critics also point to the project’s troubled past, as it had been rejected by the administrative court last December.

Despite these uncertainties, the TPC is expected to gradually replace the Maison de la Perle, with ambitious growth projections running through 2018. However, the real challenge lies in finding private partners willing to invest 15% of the share capital — a total of 90 million XPF. The “Touche pas à ma perle” collective remains firmly opposed to this political decision, continuing to voice doubts about the future of pearl farming in French Polynesia.