History of the Pearl Islands The Pearl Islands have a rich and varied history. Originally, the islands were inhabited by the Cuevas and Cocle tribes until 1513 when the Spanish conquistadors arrived. They were searching for a route to the Pacific Ocean. The Pearl Island Archipelago was named by Balboa because of the abundance of Pearl oysters they found there. Enslaved Africans were brought to the islands to procure the pearls. Due to the greed of overfishing the pearl industry declined. One of the most famous pearls in the world, named, ‘La Peregrina’, was found in the Pearl Islands and taken to King Phillip II in Spain who gifted it to Queen Mary I of England as an engagement present. When she died the pearl necklace was brought back to Spain for 250 years. Napoleon took the pearl to France after he conquered Spain. He sold the pearl. In 1969 Richard Burton purchased ‘La Peregrina’ and gifted it to Elizabeth Taylor. In 2011 when Elizabeth died the necklace was sold by Sotheby’s for $11.8 million to an anonymous buyer.