Ann: Annual Report, page-60

Looking at the auction results in more detail, prices per momme vary enormously between lots - highest prices are over 100x those of the lowest prices. So the standard deviation for the distribution is much higher than the mean. The high-priced pearls are fairly rare and account for a relatively low proportion of total revenues. Measures the company can take to improve quality and size of pearls would probably have a disproportionate impact on revenues.
The company has reported that it is widening sales channels to market, including fostering relationships with private buyers who can purchase pearls between auctions. One would imagine that when there is strong excess demand in the market, private buyers will be much more evident than when the market is soft. And that these buyers would naturally focus on the highest margin pearls. So it’s possible that these auction results understate the whole picture, both in terms of total sales revenues and prices per momme.
In summary, it’s hard to see any downside from these auction results, but there is a possibility that they allude to a very strong trading performance since June.