There are essentially three types of pearls: natural, cultured and imitation. A natural pearl forms when an irritant works its way into a particular species of oyster, mussel, or clam. As a defense mechanism, the mollusk secretes a fluid to coat the irritant. Layer upon layer of this coating is deposited on the irritant until a lustrous pearl is formed.
Pearls can come from either salt or freshwater sources. Typically, saltwater pearls tend to be higher quality, although there are several types of freshwater pearls that are considered high in quality as well. Freshwater pearls tend to be very irregular in shape, with a puffed rice appearance the most prevalent. Nevertheless, it is each individual pearls merits that determine value more than the source of the pearl.
Regardless of the method used to acquire a pearl, the process usually takes several years. Mussels must reach a mature age, which can take up to 3 years, and then be implanted or naturally receive an irritant. Once the irritant is in place, it can take up to another 3 years for the pearl to reach its full size. Often, the irritant may be rejected, the pearl will be terrifically misshapen, or the oyster may simply die from disease or countless other complications. By the end of a 5 to 10-year cycle, only 50% of the oysters will have survived. And of the pearls produced, only approximately 5% are of substantial quality for top jewelry makers. From the outset, a pearl farmer can figure on spending over $100 for every oyster that is farmed, of which many will produce nothing or die.