Keeping pace with market shocks (#49)
Upward trending price shocks in any portion or cut of a seafood product has the potential to rapidly undermine management as a ‘gold rush’ mentality develops. Whilst the priority of fisheries management is to control harvest at sustainable levels, that task becomes complex under such circumstances, particularly when resources are over-exploited. Over the last decade Black Jewfish have experienced increasing levels of exploitation around Darwin where there are high levels of fishing pressure from all fishing sectors. In 2015, a range of measures were introduced to protect Black Jewfish stocks from overfishing, including commercial quotas, vessel limits and spatial closures. Since then, research into Black Jewfish stock structure has indicated that populations are more discrete than previously understood and exist at much finer spatial scales along the coastline. Fishing pressure on these discrete Black Jewfish populations is still increasing and is now driven by the demand for their swim bladders, with market values ranging between $550 and $850 per kilogram. This market driver now threatens to undermine the management in place to recover Black Jewfish stocks around Darwin and it is vital that new arrangements are developed to ensure the long-term sustainability of Black Jewfish as a fishable resource.