PAPEETE PEARL AUCTION NETS $2.9 MILLION

admin's picture

PAPEÉTE, Tahiti (Tahitipresse, July 7) - On Tuesday, the 31st international Tahitian pearls auction took place in GIE Poe Rava Nui building, in Papeéte.

All 96 lots on sale were purchased; the five most important buyers of the day are all local businessmen.

"All 96 lots on sale were purchased and the yield on these sales is 349 425 628 Fcfp (US$2.9 million).

There is a 45 percent increase in comparison with the previous auction," mentioned Alfred Martin, GIE Poe Rava Nui manager.

The gains, however were not as great as the expectations, GIE banked on an increase by "60 percent at least."

"The yield does not come up to our expectations. Pearls were sold Fcfp 1648 (US$13.8) a gram when we had counted on Fcfp 2000 (US$16.8) still we are satisfied we sold all the lots," explained Alfred Martin.

Five local merchants, he said, "took part actively during the auction and often raised the bidding." Chang Ming Wing company made the highest purchase for 59 875 600 Fcfp (US$ 502 000).

According to Alfred Martin the present drop in prices is due to the fact that we don't know the exact volume of production for each producer."

"The bids should be gathered to make sellers more powerful," he added later on.

July 8, 2005

Tahitipresse: www.tahitipresse.pf

Rate this article: 
No votes yet

Add new comment