Hongqiao is full of tourist goods, knockoff handbags, and cheap watches, but it's best known for its three stories of pearls, hence its knick-name: the Pearl Market. Freshwater, seawater, black, pink, white: the quantity is overwhelming and quality varies by stall. Prices range wildly. Fanghua Pearls (No. 4318), on the fourth floor, displays quality necklaces and earrings, with photos of Barbara Bush and Margaret Thatcher shopping there to prove it. Fanghua has a second store devoted to fine jade and precious stones. As a bonus, hold your nose and dive into the fish and meat market in the basement: a veritable aquarium of sea cucumbers, crab, dragon shrimp, squid, and eel.
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