Buyers select black pearls at a jewelry auction in Sanya, Hainan province. [Photo provided to chinadaily.com.cn]

Wei Lan, a buyer from Sanya, said she submitted a bid for a lot of pearls, attracted by their value. "It's a great deal whether as a gift or for personal use, much cheaper than buying from a mall," she said.

The three-day auction differed from traditional bonded display auctions by integrating trading and production. It featured four innovations: no required guarantee, streamlined customs oversight, no time limit for re-exporting unsold items, and the option for further processing.