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I read somewhere that it was originally a "gay" term, used to describe the droplets of semen dripping from someones mouth post oral.
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Google: pearl necklace semen etymology
http://www.notam02.no/~hcholm/altlang/ht/English.html
pearl necklace (compound noun)
+ sperm surrounding one's neck after ejaculation This term comes from the straight community. 'Mary is not fond of pearl necklaces.'