TOKYO, Nov 25 (Nikkei) - Japan's Mikimoto is raising the prices of its flagship pearl jewelry for the first time in six years, joining other global jewelers in bumping up tags due to the higher cost of materials and production.
Production of organic pearls has been hit not only by inflation but also by a poor harvest of pearl oysters due to pollution, adding to price pressure from costlier precious metals and diamonds against the backdrop of the Ukraine war.
"Unlike minerals, shellfish are organic and easily affected by changes in their habitat, making it difficult to adjust the amount of supply," a company spokesperson said.
Mikimoto recently hiked prices of its popular necklaces and earrings up to 20% at stores in Japan and plans to raise prices worldwide in the future, the company told Nikkei Asia. ...continue reading
