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It has a wholesale market value between $50 million and $60 million per year, with the value of each piece of jewelry based on the color, size, and quality of the coral. [1] The most common type that is sold is red coral, considered the most precious of all types and sometimes thought to be endowed with pseudoscientific properties. [2]
Precious coral, or red coral, is the common name given to a genus of marine corals, Corallium. The distinguishing characteristic of precious corals is their durable and intensely colored red or pink-orange skeleton , which is used for making jewelry .
The brand was created in 1975 by Bernard Passman, sculptor and jeweler, on Grand Cayman.Examples of the company's work include gold and black coral sculptures for the White House, a gold and black coral crucifix sculpture for the Pope, the Cayman Islands's gift of a 97-piece set of sterling silver and black coral tableware for Prince Charles and Lady Diana's wedding in 1981, a miniature set ...
The global jewelry market size was valued at USD 353.26 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2030. [86] As of 2022, the global jewelry market was valued at approximately $270 billion and is projected to grow to over $330 billion by 2026.
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Coralliidae, also known as precious corals, is a taxonomic family of soft corals belonging to the suborder Scleraxonia of the phylum Cnidaria. [1] These sessile corals are one of the most dominant members of hard-bottomed benthic environments such as seamounts, canyons and continental shelves. [2]