Hi Jeremy,

I think it is the commission system. Contrary to common belief, Mikimoto does not culture its own pearls. The Mikimoto Island operation is a pure themepark for tourists. The company buys from the same factory auctions as you do. With so much competition for the AAA grade now from sellers that pay upfront, they keep the top grades for their flagship stores and put all the lower grades on memo. Also, Mikimoto does not rate its AAA as hanadama nor is it the highest grade they sell. Hanadama is sold as separate collectors' grade and they even offer gem grade (hanadama with extra thick nacre and some orient) as the absolute top. At least last time I checked.

Zeide