Ann: Half-Year Financial Report & Dividend Announcement - H1 FY25, page-4

This is the most important part of this announcement:



ATP no longer relies on old-school offline auction sales (welcome to the Internet). They're now selling 30% of revenue outside auction sales, at $149/pearl rather than $53/pearl at auctions.

It's the same Toyota pearls but they're now able to dress them up as Mercedez Benz, then sell them at almost 3x the price outside the auctions.

Now they have better pricing power. It's no longer the auction market deciding the price, ATP decides the price. Dress some up like Roll Royce and they can sell them even higher to some wealthy buyers too (Tiffany Co style).