GIE Poe o Rikitea Auction: A Historic Record for the 7th Edition: Un Record Historique pour la 7e Édition
By Sandrine, Thursday 1 August 2013 at 11:04 :: Auction sales
The seventh edition of the auction organized by the Economic Interest Group (GIE) Poe o Rikitea concluded on Tuesday on a triumphant note, breaking all records since the event’s creation in 2011.
More than 250,000 pearls were sold, generating revenues close to 330 million XPF.
Organizers celebrated an impressive success rate, with 83% of the lots sold and a total of 255,250 pearls purchased — a level never reached in previous editions. This success confirms the growing enthusiasm for Tahitian pearls in international markets.
The final day, Tuesday, July 30, marked the culmination of an entire year’s work for the dedicated players in the pearl industry. The auction recorded a turnover of 325.4 million XPF, representing a gain of over 6% compared to the initial reserve prices.
On the buyers’ side, Polynesian purchasers dominated transactions, accounting for 34.84% of sales, closely followed by Hong Kong at 34.48%. Japan completed the podium with 25.29% of the purchases.
A total of 47 buyers registered for this seventh edition, 38 of whom completed purchases. The majority were from small pearl farming operations, illustrating the vitality and diversity of this key sector for the local economy.
Buoyed by this resounding success, organizers and buyers are already set to meet again from November 10 to 12 for the 8th edition of this auction, which promises to be just as promising.