Assemble cupcake wraps; drop baked cupcakes into wrappers. Pipe light blue buttercream icing using tip #2A. Place seahorse in center of cupcake and place seashells randomly around the top of cupcake.
To make seahorse: Brush silicone mold with pearl dust. Take a small amount of light blue gumpaste and push into the mold. Use a straight sided knife or spatula to level off the top of the cavity (scraping the gumpaste across the top of the mold gives the piece a flattened surface). Remove the piece from the mold and allow to dry. Brush piece with pearl dust.
To make shells: Melt candy coatings. If the shell is a solid color, fill cavities then tap mold lightly to rid of air bubbles. Place in freezer til set; remove when coating is cold and mold is cloudy. If the shell has a streak effect, brush a thin layer of candy coating in the mold with a small paintbrush. Allow the coating to set at room temperature. Fill molds with contrasting color of coating and tap mold lightly to rid of air bubbles. Place mold in freezer til coating is cold and mold is cloudy. Brush pearl dust on molded pieces once candy has come to room temperature.
Note: Seahorse can tried to be mold with chocolate but mold is very thin and tests in our kitchen did not find this to be achievable.