The Economics of Everyday Things 93. Pearls
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May 26, 2025 
Jeremy Shepherd, CEO of PearlParadise.com, shares his unique journey from flight attendant to pearl retail mogul. He discusses the enchanting transformation of pearls, from their natural origins to modern farming techniques. The conversation highlights the paradox of pearl farming, revealing the economic challenges and quality control faced by farmers. Jeremy also explores the complexities of sourcing pearls in an unregulated market while underscoring the impact of climate change and consumer trends on pearl pricing and supply.
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Flight Attendant to Pearl Entrepreneur
- Jeremy Shepherd started importing pearls during layovers and quickly outpaced his flight attendant job.
- He turned an impulsive souvenir purchase into a multi-million dollar pearl retail business.
Pearl Luster and Value
- Pearl luster, created by symmetrical microscopic crystals, is the most important value factor.
- Luster depends on the oyster's health and creates the pearl's internal glow and rich colors.
Natural vs Cultured Pearls
- Only about one natural pearl is found per 10,000 oysters demonstrating their rarity.
- Cultured pearls, created by seeding oysters, revolutionized supply and made pearls accessible.