Atlas Pearls reaps bounty at auction
Atlas Pearls claims it has enjoyed its most successful pearl auction to date, selling $2.5 million worth of South Sea pearls in Japan.
The 55,000 pearls, each between 9mm and 12mm, sold at 12 per cent over the reserve price, beating the $2.3 million total Atlas earned in Kobe last year.
The price represents a recovery in the market, with a 40 per cent increase in prices since the first Atlas auction was conducted in May 2012.
Atlas Pearls and Perfumes wholesale and distribution manager Tim Jones said it now had a much bigger customer base.
It previously sold 80 per cent of its pearls to just four customers. It now sells to 50 of the world's biggest wholesalers.
Atlas executive chairman Stephen Birkbeck said success was partly due to a new marketing strategy.
