Is red sponge coral used in jewellery endangered?

Question

There are vast quantities of red sponge coral from Indonesia being turned into silver jewellery and being exported around the world. Is this coral an endangered species? Is there any collateral damage being done to the environment by harvesting it?

I would appreciate informed answers based on direct knowledge, not assumptions or emotions, please. And if you can provide the source of any answer, I would appreciate it.

Answer 1

I use to go scuba diving and they told us that coral takes many years to build up a reef, and if everyone took some out of the water it would be a long time to rebuild the reef back.  

I know that the fish depend on the reefs to live so the environmental damage is the same as what happen in New Orleans.