Paspaley Family's Luxury Pivot: Profits Halve as Pearl Empire Shifts to Hotels & Kimberley Cruises

Australia's iconic Paspaley pearling dynasty—long synonymous with the world's finest South Sea pearls—is navigating a challenging transition.

New financial filings reveal profits at Pearl Corporation of Australia (a key family holding) more than halved to $13.5 million for the 12 months to June 30, 2025, down from $27.8 million the previous year.

With the family's net worth estimated at $1.52 billion on the Financial Review Rich List, the business remains one of Australia's most prominent pearling legacies. Yet opaque structures and a softening pearl market have prompted a strategic diversification into high-end hospitality.

Key Financial Highlights (Pearl Corporation of Australia)

• Revenues dipped slightly from $319.5 million to $316.7 million.
• A sharper drop in pearl/goods sales was partly offset by growth in hospitality.
• Hospitality now generates $55 million in revenue—still a fraction of the core pearling operation but showing strong momentum.

The Paspaley story began in 1919 when the family arrived in Cossack, Pilbara, initially producing mother-of-pearl buttons before pivoting to luxury cultured pearls. Today, they remain a global leader in large, high-value South Sea pearls from Australia's remote northwest coast—coveted by the ultra-wealthy.

The Hospitality Expansion

The family has accelerated moves into luxury experiences:

• Wall Street Hotel (New York): Opened in 2022 after refurbishing a building acquired via the Allan Gerdau estate purchase.
• Paspaley Pearl luxury yacht: A 53-metre boutique expedition vessel with 15 cabins (30 guests max, 21 crew), offering exclusive winter cruises along the stunning Kimberley coast in Western Australia.

Other assets under the umbrella include property, aviation, and the long-held Bunnamagoo Estate winery near Mudgee.

Broader Group Insights

Separate filings for Paspaley Pearling Company (the main joint venture for pearl cultivation/wholesale) show revenues down to $110 million (from $124 million) and a $7.8 million loss (vs prior profit). The group employs around 1,300 people, paid an $8 million dividend, holds $70 million in cash, and has significant loan/collateral arrangements.

Despite the profit slide, the global pearl jewellery market is projected to surge past $US30 billion by 2032, fueled by modern designs and Asian demand. The Paspaleys' pivot positions them to capture luxury travel growth while safeguarding their pearling heritage.

The company did not respond to requests for comment. This diversification reflects a pragmatic response to market pressures in one of Australia's most storied family businesses.

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