In my experience I do not find buying from Hong Kong carries a premium. I have dealt with both Hong Kong and Mainland China. Unlike Tahitian where it is worth processing myself FW is not. The cost of freshwater is so low that processing stringing becomes the most important component.

The Hong Kong dealers have cash to buy pearls from the farms and process the material in china themselves. There is no strategic advantage that the Chinese dealers have over their Hong Kong counterparts.

When it comes to low end goods there is no bottom on either side. HK dealers tend to specialize in specific areas such as high quality , keshi or dyed.

They do tend to work in higher volume and will charge more for what they consider retail.

I have never had a Chinese dealer beat a HK dealer on a volume order.

Let me give you an interesting story going back to the 80s when I was invited by the Chinese government to have excusive rights to CFWP for the US market. After banquets and much pomp and ceremony I was offered the rice pearl strands at the best government rate but on my return to HK the same material was cheaper. I asked why? My friend explained that they pay the same price as was offered to me but they change their money on the black market first so their real cost was much lower.

They have been doing this for a long time.