I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS Study Reliability and Reporting Limitations I-1 Disclaimers.............. I-2 Data Interpretation & Reporting Level I-2 Quantitative Techniques & Analytics I-3 Product Definitions and Scope of Study I-3

II. EXECUTIVE SUMMARY

1. INDUSTRY OVERVIEW.............. II-1 A Prelude.............. II-1 Pearl Jewelry- A Key Demand Driver for Pearls II-1 Current and Future Analysis..............II-1 Natural Pearls- A Rarity..............II-2 Cultured Pearls- A Key Driver of the Pearl Industry II-3 Akoya Pearls- Might of China and Japan II-3 South Sea or Australian Pearls Witness Strong Demand II-3 Table 1: World South Sea Pearls (White) Market (2013): Percentage Breakdown of Volume Production by Region (includes corresponding Graph/Chart)..............II-4 Black Pearls/Tahitian Pearls- A Highly Demanded Variety II-4 Table 2: World Black Pearls Market (2013): Percentage Breakdown of Volume Production by Region (includes corresponding Graph/Chart)..............II-4 Mabe Half Pearls Gain Popularity II-5 Pearl Industry Characterized by Low Consumer Awareness II-5 Imitation Pearls- A Threat to the Market II-5 Unified Pearl Grading Systems- The Need of the Hour II-5 Producers Focus on Marketing..............II-6 E-Commerce- An Important Sales Channel for Pearl Jewelry II-6 Increasing Wealth of High Net Worth Individuals: Opportunities in Store.............. II-6 Table 3: Top 10 Countries with Millionaire Households (2013) (includes corresponding Graph/Chart) II-7

Table 4: Leading Countries with Highest Proportion of Millionaire Households (2013) (includes corresponding Graph/Chart).............. II-7 Expanding Middle Class Population Promise Growth II-7 Table 5: Global Middle Class Population (in Millions) by Geographic Region: 2010, 2020P & 2030P (includes corresponding Graph/Chart)..............II-8

Table 6: Global Middle Class Population by Geographic Region: Percentage Share Breakdown for 2010, 2020P & 2030P (includes corresponding Graph/Chart)..............II-8

2. EXPORT-IMPORT STATISTICS..............II-9 Table 7: Global Natural Pearls (whether or not worked or graded) Exports by Leading Countries (2014): Export Value in US$ ‘000 (includes corresponding Graph/Chart) II-9

Table 8: Global Natural Pearls (whether or not worked or graded) Imports by Leading Countries (2014): Imports Value in US$ ‘000 (includes corresponding Graph/Chart) II-9

Table 9: World Cultured Pearls (Unworked) Exports by Leading Countries (2014): Export Value in US$ ‘000 (includes corresponding Graph/Chart)..............II-10

Table 10: World Cultured Pearls (Unworked) Imports by Leading Countries (2014): Import Value in US$ ‘000 (includes corresponding Graph/Chart)..............II-10

Table 11: World Cultured Pearls (Worked) Exports by Leading Countries (2014): Export Value in US$ ‘000 (includes corresponding Graph/Chart)..............II-11

Table 12: World Cultured Pearls (Worked) Imports by Leading Countries (2014): Import Value in US$ ‘000 (includes corresponding Graph/Chart)..............II-11

3. PRODUCT OVERVIEW.............. II-12 Pearls.............. II-12 Historic Note.............. II-12 Pearls - Where are they Used?..............II-13 Pearl Care.............. II-13 Determining the Value of a Pearl II-14 Basic Types of Pearls..............II-14 Natural Pearls.............. II-14 Cultured Pearls.............. II-14 Culture and Natural Pearl Difference II-15 Imitation Pearls.............. II-15 Varieties of Cultured Pearls..............II-15 Saltwater Pearls.............. II-15 Cultivation and Harvesting..............II-15 Freshwater Pearls..............II-16 Shape and Color.............. II-16 Pearl Cultivation.............. II-16 Types of Pearls.............. II-16 Akoya Pearls.............. II-16 Melo Melo Pearls.............. II-16 Scallop Pearls.............. II-17 American Natural Pearls..............II-17 Black Pearls.............. II-17 South Sea Cultured Pearls..............II-17 Keshi Pearls.............. II-17 Mabe Pearls.............. II-17 Risk Involved in Pearl Fishing II-18

4. RECENT INDUSTRY ACTIVITY..............II-19 Blue Water and Guy Beard Designs Announce Plans to Develop and Market New Pearl Jewellery Line II-19 Galatea Commences Kickstarter Campaign for Momento Pearl™ II-19 RAK Pearls and Mouawad Showcase Cultured Pearls and Diamond Collection.............. II-19

5. FOCUS ON SELECT GLOBAL PLAYERS..............II-20 A& E Pearl Company (Hong Kong) II-20 American Bio-Gem, Inc. (US)..............II-20 American Pearl Company (US)..............II-20 Atlas Pearls and Perfumes Ltd. (Australia) II-20 Autore South Sea Pearls Pvt. Ltd. (Australia) II-21 K.MIKIMOTO & CO., LTD. (Japan) II-21 Paspaley (Australia)..............II-21 Zhejiang Grace Pearl Jewelry Co., Ltd. (Japan) II-21

6. GLOBAL MARKET PERSPECTIVE..............II-22 Table 13: World Recent Past, Current & Future Analysis for Cultured Pearls by Geographic Region/Country - US, Canada, Japan, Europe, Asia-Pacific, Middle East & Africa, and Latin American Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart)..............II-22

Table 14: World Historic Review for Cultured Pearls by Geographic Region/Country - US, Canada, Japan, Europe, Asia-Pacific, Middle East & Africa, and Latin American Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart).............. II-23

Table 15: World 14-Year Perspective for Cultured Pearls by Geographic Region/Country - Percentage Breakdown of Sales for US, Canada, Japan, Europe, Asia-Pacific, Middle East & Africa, and Latin American Markets for Years 2007, 2015 and 2020 (includes corresponding Graph/Chart) II-24

III. MARKET

1. THE UNITED STATES.............. III-1 A.Market Analysis.............. III-1 Baroques Register Slowing Supply III-1 Export-Import Statistics..............III-1 Table 16: The US Pearl Imports by Country of Origin (2014): Import Value in US$ ‘000 (includes corresponding Graph/Chart).............. III-1

Table 17: The US Pearl Exports by Country of Destination (2014): Export Value in US$ (includes corresponding Graph/Chart).............. III-2

Table 18: The US Natural Pearl Exports by Country of Destination (2014): Export Value in US$ (includes corresponding Graph/Chart)..............III-3

Table 19: The US Natural Pearl Imports by Country of Origin (2014): Import Value in US$ (includes corresponding Graph/Chart).............. III-4

Table 20: The US Cultured Pearls (Unworked) Exports by Country of Destination (2014): Export Value in US$ (includes corresponding Graph/Chart) III-5

Table 21: The US Cultured Pearls (Unworked) Imports by Country of Origin (2014): Import Value in US$ (includes corresponding Graph/Chart)..............III-6

Table 22: The US Cultured Pearls (Worked) Exports by Country of Destination (2014): Export Value in US$ (includes corresponding Graph/Chart) III-7

Table 23: The US Cultured Pearls (Worked) Imports by Country of Origin (2014): Import Value in US$ ‘000 (includes corresponding Graph/Chart) III-8 Strategic Corporate Developments III-9 Select Key Players..............III-9 B.Market Analytics..............III-10 Table 24: The US Recent Past, Current & Future Analysis for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-10

Table 25: The US Historic Review for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-11

2. CANADA.............. III-12 A.Market Analysis.............. III-12 Export-Import Statistics..............III-12 Table 26: Canadian Pearl Exports by Country of Destination (2014): Export Value in US$ (includes corresponding Graph/Chart).............. III-12

Table 27: Canadian Pearl Imports by Country of Origin (2014): Import Value in US$ (includes corresponding Graph/Chart).............. III-13

Table 28: Canadian Natural Pearls Exports by Country of Destination (2014): Export Value in US$ (includes corresponding Graph/Chart)..............III-13

Table 29: Canadian Natural Pearls Imports by Country of Origin (2014): Import Value in US$ (includes corresponding Graph/Chart).............. III-14

Table 30: Canadian Cultured Pearls (Unworked) Exports by Country of Destination (2014): Export Value in US$ (includes corresponding Graph/Chart) III-15

Table 31: Canadian Cultured Pearls (Unworked) Imports by Country of Origin (2014): Import Value in US$ (includes corresponding Graph/Chart)..............III-15

Table 32: Canadian Cultured Pearls (Worked) Exports by Country of Destination (2014): Export Value in US$ (includes corresponding Graph/Chart) III-16

Table 33: Canadian Cultured Pearls (Worked) Imports by Country of Origin (2014): Import Value in US$ (includes corresponding Graph/Chart)..............III-17 B.Market Analytics..............III-18 Table 34: Canadian Recent Past, Current & Future Analysis for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart)..............III-18

Table 35: Canadian Historic Review for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-19

3. JAPAN.............. III-20 A.Market Analysis.............. III-20 Table 36: Japanese Akoya Cultured Pearls Production: 1958-2013 (includes corresponding Graph/Chart) III-20 Select Key Players..............III-21 B.Market Analytics..............III-22 Table 37: Japanese Recent Past, Current & Future Analysis for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart)..............III-22

Table 38: Japanese Historic Review for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-23

4. EUROPE.............. III-24 Market Analysis.............. III-24 Table 39: European Recent Past, Current & Future Analysis for Cultured Pearls by Geographic Region/Country - France, Germany, Italy, UK, Spain, Russia, and Rest of Europe Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart)..............III-24

Table 40: European Historic Review for Cultured Pearls by Geographic Region/Country - France, Germany, Italy, UK, Spain, Russia, and Rest of Europe Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-25

Table 41: European 14-Year Perspective for Cultured Pearls by Geographic Region/Country - Percentage Breakdown of Sales for France, Germany, Italy, UK, Spain, Russia, and Rest of Europe Markets for Years 2007, 2015 and 2020 (includes corresponding Graph/Chart)..............III-26

4a. FRANCE.............. III-27 A.Market Analysis.............. III-27 French Polynesia..............III-27 B.Market Analytics..............III-28 Table 42: French Recent Past, Current & Future Analysis for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-28

Table 43: French Historic Review for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-29

4b. GERMANY.............. III-30 Market Analysis.............. III-30 Table 44: German Recent Past, Current & Future Analysis for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-30

Table 45: German Historic Review for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-31

4c. ITALY.............. III-32 Market Analysis.............. III-32 Table 46: Italian Recent Past, Current & Future Analysis for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-32

Table 47: Italian Historic Review for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-33

4d. THE UNITED KINGDOM..............III-34 Market Analysis.............. III-34 Table 48: The UK Recent Past, Current & Future Analysis for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-34

Table 49: The UK Historic Review for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-35

4e. SPAIN.............. III-36 Market Analysis.............. III-36 Table 50: Spanish Recent Past, Current & Future Analysis for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-36

Table 51: Spanish Historic Review for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-37

4f. RUSSIA.............. III-38 Market Analysis.............. III-38 Table 52: Russian Recent Past, Current & Future Analysis for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-38

Table 53: Russian Historic Review for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-39

4g. REST OF EUROPE.............. III-40 A.Market Analysis.............. III-40 Jewelry Henri Dom Bvba (Belgium) - A Key Player III-40 B.Market Analytics..............III-40 Table 54: Rest of European Recent Past, Current & Future Analysis for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart)..............III-40

Table 55: Rest of European Historic Review for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-41

5. ASIA-PACIFIC.............. III-42 Market Analysis.............. III-42 Table 56: Asia-Pacific Recent Past, Current & Future Analysis for Cultured Pearls by Geographic Region/Country - China, India and Rest of Asia-Pacific Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart) III-42

Table 57: Asia-Pacific Historic Review for Cultured Pearls by Geographic Region/Country - China, India and Rest of Asia-Pacific Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-43

Table 58: Asia-Pacific 14-Year Perspective for Cultured Pearls by Geographic Region/Country - Percentage Breakdown of Sales for China, India and Rest of Asia-Pacific Markets for Years 2007, 2015 and 2020 (includes corresponding Graph/Chart).............. III-44

5a. CHINA.............. III-45 A.Market Analysis.............. III-45 China Leads the Production of Freshwater Pearls III-45 Growth Prospects in Zhuji City III-46 Select Key Player.............. III-46 B.Market Analytics..............III-47 Table 59: Chinese Recent Past, Current & Future Analysis for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-47

Table 60: Chinese Historic Review for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-48

5b. INDIA.............. III-49 Market Analysis.............. III-49 Table 61: Indian Recent Past, Current & Future Analysis for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-49

Table 62: Indian Historic Review for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-50

5c. REST OF ASIA-PACIFIC..............III-51 A.Market Analysis.............. III-51 Review of Select Regional Markets III-51 Indonesia.............. III-51 Australia.............. III-51 South Sea Pearls..............III-51 Vietnam.............. III-52 Cook Islands.............. III-52 Fiji Islands.............. III-52 Select Key Players..............III-52 B.Market Analytics..............III-53 Table 63: Rest of Asia-Pacific Recent Past, Current & Future Analysis for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart)..............III-53

Table 64: Rest of Asia-Pacific Historic Review for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-54

6. THE MIDDLE EAST & AFRICA..............III-55 A.Market Analysis.............. III-55 The United Arab Emirates..............III-55 Strategic Corporate Development III-55 B.Market Analytics..............III-56 Table 65: The Middle East & African Recent Past, Current & Future Analysis for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart) III-56

Table 66: The Middle East & African Historic Review for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart).............. III-57

7. LATIN AMERICA.............. III-58 Market Analysis.............. III-58 Table 67: Latin American Recent Past, Current & Future Analysis for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart)..............III-58

Table 68: Latin American Historic Review for Cultured Pearls Analyzed with Annual Sales Figures in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-59

IV. COMPETITIVE LANDSCAPE

Total Companies Profiled: 16 (including Divisions/Subsidiaries - 17)

The United States (5) Japan (1) Switzerland (1) Asia-Pacific (Excluding Japan) (10)