About this place

Apart from the fact that you can find more pearls here (as the name implies) and the fact that there are probably not quite as many designer knock-offs, Hongqiao (Pearl Market) is not much different from Beijing’s two other well-known markets, Xiu Shiu (Silk Alley) and Ya Xiu (Cotton Market). The market is located opposite the Temple of Heaven. Escaping for some rest and relaxation at the temple may be necessary should the haggling in the market prove too much, or after you’ve spent more than you should have on fake Guccis and Louis Vuittons. 
 
Most of the jewellery is on the higher floors. The top floor features a number of more exclusive shops specializing in pearls. Some of these shops have great views overlooking the Temple of Heaven, and they are much quieter with none of the frantic bargaining that goes on downstairs.
 
In the basement all manner of seafood is sold, most of which is live.
 
Note: Confusingly, Xiushui Jie Market also has a "Pearl Market" sign on the top of the building.  We're not sure what the relation is.
 
Link: Small map on Hongqiao Market's official website