James Assael, a diamond dealer and co-founder of the Diamond Bourse in Milan, founded Assael in the early 20th century. Before the Second World War the Assael family relocated to the United States, via Cuba. James’ son, Salvador took over the family business in 1972. He began his love affair with pearls in 1973 and by 1976 was known as “The Pearl King” after he introduced the world to the Tahitian Natural Color Black Pearl. Salvador is credited for successfully lobbying the GIA to develop a pearl grading system. In addition, one of Assael’s perfectly matched South Sea pearl necklaces fetched $2.3 million at Sotheby’s and remains the most expensive cultured pearl necklace ever sold at auction. Today, Assael is run by Christina Lang Assael, who inherited the company in 2011.