Category Archives: Baroda Pearls

Book Review: Tears Of Mermaids

Book Review:

Tears of Mermaids, The Secret Story Of Pearls

Stephen G. Bloom

St. Martins Press

ISBN:  9780312363260, $27.99

by Richard W. Wise, G.G.

Layout 1First let me say I was a bit put-off by Mr. Bloom’s prose style.  He is without a doubt an elegant writer, but the glib-gonzo style, which is ok in a short piece, rapidly gets under the skin when stretched out to book length.

Mr. Bloom is a journalist and though journalists are not expected to necessarily be experts on the subjects the write about, they do have a responsibility to thoroughly research the topic and get it right.  There are times when Bloom does, but there are   times when he does not.

His first and most egregious error occurs in his introduction.  “Pearl pricing”, he says, “is totally subjective …The same strand can go for three thousand dollars or thirty thousand dollars.”  Nonsense!  Oh yes, there is a fool born every minute, but the fact is that pearls trade in a fairly orderly market.  So, absent the fool, no such gap between bid and ask prices exists (or the buyer would be soon out of business).  Bloom would have been correct if he had said that there is no universally accepted hierarchical grading nomenclature.  That is to say, one dealer may call the finest pearls “AAA”, while another may simply start with a single “A”.  However  the basic criteria: size, symmetry, surface, luster, orient and overtone are universal and used by all.

The writer’s statements about the people he meets in his travels say a great deal more about Mr. Bloom than they do about his sources.  For example, early in the book he meets a survey group, including the celebrated former National Geographic writer Fred Ward who “seemed too important to have anything to do with me.”  Well, I am familiar with that group and they have one afternoon in which to survey an entire gem show full of pearl dealers.  Could it be that Ward was simply focused on his work? Given the book’s stated objective, one wonders why his Chapter 5, The Rana of Fresno, was included at all.  Bloom takes such obvious pleasure in exposing the foibles, real and imagined, of his sources that, at times, it is difficult to tell if he is truly writing a book about pearls or just an extended gossip column.

Bloom’s comparison between the pearl and cocaine trade is unfortunate,  as are the constant inferences that the pearl trade, and pearl dealers in general, are really quite sleazy.  Bloom spends a page and a half justifying the cocaine comparison, finally admitting that “the biggest difference is that the possession of pearls is legal.”  Cocaine is sold by neighborhood dealers and pearls by local jewelers, hey, no difference there!  He might also have mentioned that unlike cocaine, pearls are not reduced in purity at every step along the distribution pipeline, and do not destroy the life of the purchaser– but that would have ruined the riff.

The above issues aside, there is much of value in Bloom’s book.  Few have the opportunity to spend so much time trying to understand this old and arcane industry.  Bloom’s first chapter, covering the history of pearls from the time of Columbus, is well researched and provocative.  Interesting as well is his chapter on life as a deckhand on a Pearl boat off the Australian coast, though his attempt to capture the Australian argot is ludicrous and his contempt for the working sailors palpable.  Yeah Stephen, having been a deckie, I kin tell yuz dat is ezakly the way sailors are “supposed to talk.”

His chapter on pearl trading in Hong Kong is excellent as is his description of diving off the Jewelmer pearl farm. A looming environmental catastrophe in the Philippines and his last two chapters about his visit to the island of Cubagua (where it all began) are thoughtful and poignant.  Had he spent more words discussing real issues of this sort and less time lampooning the hard working people who made his book possible (I am one of those local jewelers), I would have enjoyed it a good deal more.

The Baroda Pearls; Another Auction Record at Christies

New Auction Record For Natural Pearls:

The April 25th Christie’s sale followed a now familiar patter of jaw dropping, world record prices for large rare gem. Previous records for Burmese Rubies and Kashmir Sapphires have been smashed. The Baroda Pearls (image left), a double strand of 68 natural pearls that were formerly the property of the Gawkwar of Baroda was auctioned along with matching brooch, earrings and ring for the record sum of 7.1 million dollars. At this same sale a 22 carat Kashmir sapphire also set a world record (see previous post).

In the 19th century, the maharajah of Baroda, Khande Rao Gawkwar, came to possess the necklace that became known as the Baroda Pearls, The necklace was among the most expensive pieces in the Baroda Royal Treasury and remained one of its prized jewels throughout the 20th century.

The 825 square mile former principality of Baroda is located in northwestern India 148 miles north of Bombay. In 1907 Tiffany’s gemologist G. F. Kunz described the Baroda holdings as “among the greatest jeweled treasures of India” and estimated that the total value of pearls held by the Gawkwar to be 12 million dollars. The original “Baroda” necklace was composed of seven matched and graduated strands and was examined by Kunz and estimated by him to be worth a half a million dollars.

According to Christie’s the current necklace is composed of two large strands made of pearls from the fourth, fifth, sixth, and seventh strands of the original, joined by a cushion-cut Cartier diamond clasp. The 68 graduated pearls match in color, luster, and shape. The previous record for natural pearls at auction was set by Christie’s in Geneva in November 2004 at $3.1 million, for a two-strand natural pearl necklace.

Since about 1949, the natural pearl market was basically D.O.A (dead on arrival) though price lists like The Guide have continued to quote wholesale prices for natural pearls; there was essentially no market for natural pearls in the United States. Why, a combination of the Wall Street crash of 1929 and the emergence of the cultured pearl in the late 1920s. According to Elisabeth Strack author of Pearls the market fell by 85% in one day in 1930 when banks refused to accept pearls as collateral for loans to pearl dealers. I recall a conversation with David Federman in 2001 to the effect that this market was making a comeback.

Judging from at least one show in Tucson, the natural pearl is back. Several dealers featured natural pearls and natural pearl prices have experienced stratospheric price increases since the first record breaking auction sale in 2004. I had dinner with the Swiss dealer who brokered the Baroda Necklace. The next day he showed me a graduated double strand of white roundish natural pearls that he had on offer at 2 million dollars. According to this dealer the price of the strand had increased by a factor of ten over the past five years. Another savvy dealer, Jeremy Shepherd, President of Pearlparadise.com told me that the largest percentage increases have been in commercial grade natural pearls.

According to CIBJO rules a natural pearl is simply a “pearl” with no qualification required and the use of terms based on classic localities such as “oriental pearls” is also allowed.

Prices Up or Dollar Down in Las Vegas

As for prices for gems and jewelry, prices are up or as one dealer put it, prices are exactly the same for fine gems; the dollar has simply lost 35% of its value.

Interested in understanding more about the grading of fine pearls? Follow me on gem buying adventures in the pearl farms of Tahiti. Visit the gem fields of Australia and Brazil. 120 carefully selected photographs showing examples of the highest quality gems to educate the eye, including the Rockefeller Sapphire and many more of the world’s most famous gems. Consider my book: Secrets Of The Gem Trade, The Connoisseur’s Guide To Precious Gemstones.


“Wise is a renowned author… He’s
done a marvelous job of this first book, monumental work, a tour de force…My recommendation: Buy this book”.

Charles Lewton-Brain, Orchid

Only $39.95. Read a couple of chapters online: www.secretsofthegem
trade.com.

Buy it on Amazon: www.amazon.com

Choosing The Perfect Pearl

Ten, make that eleven tips to help you choose the perfect pearl


by Richard W. Wise, G.G.

© 2006


1. There are two types of pearl, natural and cultured. In today’s market just about every pearl you see will be cultured meaning that the hand of man had something to do with the creation of the pearl. (pictured above a necklace of mixed South Seas white and golden pearls)

2. We are experiencing a pearl Renaissance. There are more types of pearls on the market today than ever before. Twenty years ago the Japanese Akoya stood virtually alone. Today you can choose from: Freshwater pearls, South Seas white, Tahitian black and South Seas golden pearls.

3. What’s the best buy in pearls? Probably the Chinese Freshwater, (pictured left 8.5mm round natural color Chinese f/w pearls) There are two ways to create a cultured pearl, bead nucleation and tissue activation. Pearls that are bead nucleated have a large bead made from shell and thin covering of nacre depending upon how long they are left in the mollusk. Chinese freshwater pearls are tissue activated, have no bead and are pure pearl. They are available in natural pastel or white and in their finest qualities have some of the characteristics of natural pearls. Be careful, over 90% of Chinese freshwater pearls are of marginal quality. The best will stand toe to toe with any pearl in the world and can be purchased for a third of the price. To help you in selection, pay careful attention to the following guidelines:

4. Pearls are often treated, usually to change or improve the color. Pearls are routinely dyed and irradiated. Natural colors are, by far, the most beautiful. Japanese Akoya, the pearl that is seen most in the market is routinely bleached white then dyed to give it a pinkish overtone. If the color looks too good to be true it probably isn’t.

5. A fine pearl has what experts call “life”. This is a combination of high surface luster and overtone and occasionally orient. All pearls exhibit luster, those with thick nacre will usually show excellent luster. Observe the pearl(s) on a white background under a light bulb, if you can distinctly see the outline of the bulb the pearl has high luster.

6. Some pearls exhibit an ephemeral misty glow that seems to hover over the surface of the pearl. This is called overtone. Not all pearls exhibit overtone, for example, it is very rare in South Sea white pearls. If present in white pearls, the overtone is usually pink, in Tahitian black pearls, green, red or blue or some combination (pictured right). Orient is rare in round and semi-round cultured pearls. Orient may be defined as a rainbow affect that changes as the pearl is rotated in the light. Orient is chromatic, meaning it will show all the colors of the spectrum whereas overtone is normally monochromatic exhibiting one color such as pink. A ball bearing can have wonderful luster but the addition of overtone or orient adds dimensionality and life to the pearl (pictured right: orient in Chinese f/w baroque pearls. Below (right) distinct orient in a pearl shell).

7. To judge if all the pearls in a strand are round, hold the strand taught between your hands and rotate the strand between your fingers. In a round strand you should see no movement but if some of the pearls jump about like the cams on a cam shaft, the strand is not completely round.

8. Odd shaped pearls, called baroques, are not to be disparaged. If they have good luster, no scratches or cracks they have a younger hipper look than the more expensive rounds. You can wear them with jeans and they are available at a substantially lower price.

9. Pearls have flaws just like other gem. These may be dimples, scratches or cracks. A dimple here or there should not be of much concern however, one that looks like it has a bad case of chicken pox should be highly discounted. A pearl with a deep scratch or crack is unacceptable.

10. Beware lower priced Japanese Akoya pearl, if your grandmother has a strand of white round pearls they are likely Akoya. These are formed by placing a shell bead in the oyster. In the last few years, Japanese farmers have dramatically reduced the time the pearl is allowed to develop in the shell resulting in pearls that are little more than nacre plated beads with less than ¼ millimeter of pearl essence or nacre over the shell bead. These pearls are often bleached then dyed pink to simulate overtone. These pearls lack luster and are prone to flaking.

11. Pearls come in many nuances of color but color is not the issue. It doesn’t matter how good the pearls look in the jeweler’s case, the real question is how the pearl looks against your (the wearers) skin. Pearls come alive when placed against skin of an appropriate color and texture. This is a characteristic I dubbed simpatico in my book: Secrets Of The Gem Trade, The Connoisseur’s Guide To Precious Gemstones. Don’t prejudge, test the simpatico of each strand by placing it against the skin on the inside of the wrist. The skin in this area is the same color and texture as the skin around the ears and neck. The result may surprise you.






Need more information on pearls?

Follow me on gem buying adventures in the pearl farms of Tahiti. Visit the gem fields of Australia and Brazil. 120 carefully selected photographs showing examples of the highest quality gems to educate the eye, including the Rockefeller Sapphire and many more of the world’s most famous gems. Consider my book: Secrets Of The Gem Trade, The Connoisseur’s Guide To Precious Gemstones.


“Wise is a renowned author… He’s
done a marvelous job of this first book, monumental work, a tour de force…My recommendation: Buy this book”.

Charles Lewton-Brain, Orchid

whether you like to know what the best colour is in Tanzanite, or how to grade a Diamond, you will find it in this book. No other book I read before dealt with this topic is such detail as Richard Wise’s masterpiece.”

A. Van Acker, FGA
Amazon June 2005

“Secrets Of The Gem Trade: The Connoisseurs Guide To Precious Gemstones by Richard W. Wise is an impressive new reference for dedicated dealers and collectors of gems, gemstones, and … pearls. Introducing and descriptively exploring each and every gem covered in the easy-to-use reference, Secrets Of The Gem Trade contains an illustrated summary of each stone inclusive of its history and general information, hue and tone, saturation, which may be noticed as the finest, an understanding of the particular gems rarity, and the caution for synthetics and how to depict them, however depending upon the stone there may be description of clarity, color fading, multi-color effect, etc. Secrets Of The Gem Trade is very highly recommended to anyone interested in gemology as a superbly organized, authoritative, comprehensive, and easy-to-follow reference.”

Midwest Book Review
April 2006

Only $37.95. Read a couple of chapters online: www.secretsofthegemtrade.com.

Buy it on Amazon: www.amazon.com

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posted by Richard W. Wise @ 12:16 PM