Hi Jeremy,
Although I agree that the appraisals look uninformed, I have seen plenty of the likes from GIA graduate gemologists for bricks-and-mortar stores who either actually believed this or were in on the racket. A good example for this is the US$10,000.00 appraisal for my akoyas-in-law that I gave to Inge.
Moreover, the necklaces do not look low-quality to me (as opposed to the cultured pearls in the bracelet) and not only were priced in line with the market as I have seen so far but maybe even conservative given the size of the cultured pearls. In short, although the buyers did not get South Sea pearls, they got someting qualitatively better for much less which is generally considered a good deal rather than a bad one. Afterall, if you are buying a pearl item declared as cultured that you have a reasonable suspicion of to be natural and it turns out that way, that's a good deal not a bad one even if the item was not declared factually. Since South Sea PPBs are brutally overpriced and nice, well-rounded freshwater cultured pearls are hard to find, these, too, were good deals.
Zeide