PAPE‘ETE, French Polynesia (March 1, 2001 - Oceania Flash/SPC)---The first black pearls auction of the year in French Polynesia was deemed a disappointment due to low attendance by international buyers, the daily newspaper La Dépêche de Tahiti reports.
Tahiti Pearl Producers (TPP) President Franck Tehaamatai said that of 169 lots auctioned earlier this week, only 132 were sold. He also said the lots were sold at lower than expected prices.
The two-day sale at Pape'ete's Sheraton Hotel netted 608 million French Pacific Francs (US$ 4,735,619). Producers had anticipated netting 750 million CFP (US$ 5,841,636).
International buyers attending the auction came from Japan, Hong Kong, France, Spain, Australia, and Hawai‘i.
TPP embarked on a "clean-up" operation last year aimed at preserving high quality standards to deter the sale of cheaper, lower quality pearls.
Producers are now wondering whether they should lower their prices.
"Maybe we are...