The latest figures from the Institute of Statistics of French Polynesia (ISPF) reveal a staggering 42% drop in exports during the first quarter compared to the same period in 2014. The Japanese and Chinese markets, historically strategic, are the most affected.

Aline Baldassari-Bernard, president of the Tahitian Pearl Association of French Polynesia (TPAFP), deplores what she calls a "deplorable" situation. Despite the promotional efforts launched in 2014, the crisis persists and is worsening. Jeweler bankruptcies are multiplying, while sales prices have fallen so low that they threaten the profitability of the entire sector.

Loïc Wiart, a major international pearl dealer, confirms a nearly 50% drop in exporters' turnover. This plunge is attributed to several economic factors: the rise of VAT in Japan, the ongoing recession in that country, the economic slowdown in China, as well as economic difficulties in Europe and the United States.

Adding to these economic challenges is a growing competitive threat: Chinese pearl farmers, thanks to technological advances, are now producing round, colorful freshwater pearls. These newcomers, sold at lower prices, are increasingly attracting global markets, putting severe pressure on Tahitian pearls.

The climate is also not sparing Polynesian pearl farmers. Phenomena such as algal blooms — notably in Takaroa — are decimating oysters and compromising future production. The scarcity of oyster spat collection threatens the entire sector.

In the face of this storm, Jeanne Lecourt, vice president of the Federation of Pearl Producers of French Polynesia (FPPF), points to a glaring lack of resources for effective international promotion. Funds from the pearl export tax, instead of being exclusively dedicated to promotion, are said to have been absorbed by the Territory’s general budget, deepening the sense of abandonment felt by professionals.

Today, the industry stands at a crossroads. Without swift mobilization and ambitious strategies, the entire pearl economy — a pillar of French Polynesia’s identity and international reputation — is in jeopardy.