In small islands, the potential for new coastal activities and management options are often spatially limited. To reduce dependence on external factors and increase the resilience of populations to global changes and fluctuations in international markets, a recommended pathway is to diversify activities. We used a systematic prioritization tool with single and multiobjective zoning to explore the feasibility of scenarios at various levels of spatial diversification in the Gambier lagoon (French Polynesia), where black pearl culture is economically and spatially dominant. Local managers are committed to economic, livelihood, and environmental sustainability and agree that prioritizing both artisanal fisheries, which provide local food security, and ecosystem conservation should also be considered. Diversification options included the optimized reallocation of farming concessions and the identification of different types of conservation areas while taking into account traditional management areas. The scenarios were set to minimize surface areas and loss of access to existing fishing grounds. The solutions were compared between the scenarios with different cost metrics, allowing further discussions with stakeholders and managers. The Gambier case study shows that exploring diversification options in small islands using systematic prioritization tools can provide local managers with tailor-made plans adapted to island development questions