Surprisingly enough, the Pearl Market actually only has one floor with pearls on it. The other two floors have a combination of electronics, clothes, silk products and knick-knacks.
Be prepared to bargain hard, if you're a Westerner, the initial price you'll get will be very high. Take, for example, a traditional Chinese women's dress, initially offered to me at 680RMB, finally paid 215RMB.
Great for buying gifts of chopstick sets, tablecloths/runners, chess sets, traditional Chinese gifts, and silk scarves, etc.
Worth watching a few people bargain first to get some pointers. Ideally, if you can take someone Chinese with you, they'll be able to give you a guide price on what to pay. Typically, between 25-50% of the initial price they quote you.
You'll get a better bargain if you buy more than one of the item. Just remember that you need to fit it in your case on the way home!
There is also a fish market downstairs, and around the back is a toy market. But like the main market, be very careful about the quality of the product. Pay special attention to it to make sure you're happy before you start bargaining.