TREASURES FROM THE DEEP

Rare, radiant and steeped in romance – pearls have captivated collectors for centuries. From high-stakes dives to dazzling auctions, Emma Longstaff explores the hidden depths of these gems, and discovers what truly sets the finest apart

- Emma Longstaff

There’s something magical about pearls,’ thinks Matthew Thomas of Gatsby Jewellery. ‘They come from water, not the earth, which makes them unique among precious gems.’ Perhaps that’s why they’ve been an integral part of the human story for millennia, as symbols of beauty, wealth and power.

Until the early 20th century, pearls were rarer and even more valuable than diamonds. In 1917, American railroad magnate Morton Plant swapped his grand five-storey New York mansion for a Cartier double-strand pearl necklace, which his beautiful new wife Maisie was infatuated with. Morton’s wealth was tied up in illiquid assets, so Cartier struck a deal to exchange the necklace and $100 for the Fifth Avenue residence. Only a few years later, the natural saltwater pearl market was decimated by the introduction of cultured pearls. Today, the mansion (still owned by Cartier) is worth billions. In 1956, after her death, Maisie’s necklace made just $150,000 when sold at auction.

‘Look at a natural saltwater pearl and a cultured pearl side by side and, without laboratory testing, it is impossible to tell the difference,’ explains Charlotte Peel, head of jewellery at the auction house Dreweatts. “Their names are a bit confusing. Cultured pearls are still an organic product - they’re not plastic or synthesised in a lab. They’re made by nature, but they’re commercially farmed, rather than created by chance in the ocean.’