No, it does not make sense. Hong Kong is not like that. Also, any buyer would be able to tell the difference between them - they do not look the same. Furthermore, it was discussed that the size of bead nucleated rounds was very large. There are only a couple of wholesalers in Hong Kong that deal in the larger rounds. The biggest would be Paspaley. If any of the large dealers used tricks like that it would destroy their reputations.
I am sorry, Zeide, but these are rumors, not facts. I challenge anyone to find even one instance where a single one of these rumors has been proven. And give the name of even one company that has sold large bead-nucleated FW as South Sea. If so, I promise to go to that company while in HK next month and examine their pearls myself.
Baby South Sea pearls are a simply misnomer used to describe small South Sea pearls. The argument would not work for large, bead nucleated CFWP.
If there were strands of large, round, bead nucleated FW out there, they would be sold as such, simply because they would command a huge premium. No one is yet able to produce them, so they would be completely unique. You do not have to worry about your large FW necklaces having and bead-nucleated pearls in them. You do not haved to worry that your South Sea strands have bead nucleated freshwater either. In fact, if you found one it would probably make you famous - putting you on the cover of every trade magazine, and the one who took down the South Sea pearl industry.