Hi Caitlin,
That is an interesting question inasmuch as that one can wildly speculate about that. Cercl? is basically a given in large naturals and not considered a value detractor. In cultured pearls it is considered a devaluing surface flaw when it affects less than 30% of an individual pearl's surface and considered a shape variant when it occupies more than 30% of a pearl's surface. Cercl? of less than 30% surface cover is often but not always drilled so that the maximum amount of smooth surface shows and if more than 30% of cercl? is present, the pearl will be drilled showcasing the cercl? as a shape variant. In akoyas, cercl? practically never occurs because the nacre is too thin to even come near the necessary accretion level. If the pearl farmer implants too much growth hormone, however, akoyas do develop cercl?, too, and are discarded. In general, cercl? devalues pearls proportionately to its presence down to about 20% of the price of a smooth pearl with corresponding shape, color, and luster. I happen to like cercl?, especially in very high luster pearls because it increases the surface area and thus shows orient better. It also screams "We're real" in a way that smooth big rounds don't. If I have the choice between a high luster cercl? pearl with orient and a smooth round of the same price level (i.e. lackluster and opaque) I will always prefer the cercl?.
Zeide