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Perfect shining spheres. Lustrous baroque forms. Seductive strands, warm to the touch. Pearls are simply and purely organic.
The qualities that determine a natural or cultured pearl’s value are size, shape, color, luster, surface quality, nacre quality, and—for jewelry with two or more pearls—matching.
Of the seven pearl value factors, luster might be the most important. Luster is what gives a natural or cultured pearl its unique beauty. Pearls with high luster have sharp bright reflections on the surface. Different pearl varieties have different standards for luster. If surface characteristics are numerous or severe, they can affect the durability of the pearl and severely depress its value. Surface characteristics have less effect on the pearl’s beauty and value if they are few in number, or if they are minor enough to be hidden by a drill-hole or mounting.
Pearls come in eight basic shapes: round, semi-round, button, drop, pear, oval, baroque, and circled. Perfectly spherical pearls and symmetrical drops are the most valued. There are exceptions, though. Well-formed pear, oval, or baroque cultured pearls are also prized by pearl lovers. Pearl body colors vary by variety. Although white and black are traditional, unusual colors are becoming more popular. Overtones in a pearl’s luster and the rainbow iridescence known as orient also add to the color of a pearl.

2011 sales price for Elizabeth Taylor’s emerald pendant - a record $280,000 per carat.
The Elizabeth Taylor Bulgari emerald suite, given to her by Richard Burton. The pendant alone achieved US$6,587,500 at the Christie's auction.