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Websites such as m offer pearl necklaces for as little as US101. Paspaley has shut down several of its farms, shed more than 150 staff, written down its assets by nearly 100 million and mothballed some of its fleet in a desperate attempt to rebalance.
The company also has a long-running case before the courts involving a former employee who claims he was denied proper workers' compensation after injuring his back opening oysters. The Australian pearling industry has come a long way since Theodosis Paspalis and his family fled Greece.
Six months later, those unique centrepieces of what was called the Odyssey collection were still unsold, locked away in glass-and-walnut cabinets at the company's prestigious address, No 2 Martin Place, the century-old Australasia Bank building that Paspaley spent millions restoring.
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We are reminded of the rich and famous women who loved theirs: Marilyn Monroe, Elizabeth Taylor, Jacqueline Kennedy, Nicole Kidman and Julia Gillard, who wore pearls on the 2010 election night, declaring it was "dress like a Tory day".
From its reeking, mucky black insides, they retrieve a small, misshapen pearl. In the warm, nutrient-rich waters around here, more than a million Paspaley oysters are silently incubating the pearls that will adorn Japanese socialites, Dubai sheikhas and European royals.
It even - ironically, considering the family's origins - co-owns the country's largest immigration detention centre. But it has not come without a cost. Pearling in Australia - still internationally acknowledged as the world leader for quality, if no longer for quantity - is an.
Worksafe WA says it is still investigating the death but if it does come up with an unfavourable finding, it will not be the first time that Paspaley has been accused of failing to keep its workers safe.
Now, just as it has seized control of more than 80 per cent of the industry - there is only one rival pearling partnership left standing out of 16 two decades ago - Paspaley faces the gravest threat since Theodosis's son, Nicholas, first set to.
Business, admits manager Simon Hulbert, has been quiet. In fact, on a cloudy midweek morning, the store is empty apart from two assistants practising their appraisal skills and a pair of middle-aged tourists who've popped in to take photos.