Rapid expansion or new acquisitions would more likely scare...

Rapid expansion or new acquisitions would more likely scare investors away from the company than send the share price flying. I think we haven't been fully rerated yet because (rightly or wrongly) investors don't believe the current pearl boom has legs. But I think it's unlikely the directors will go down the acquisition path as they've had the experience of 15 years' hardship and they don't want to go through that again.

I'll continue to hold and buy more if they maintain a disciplined approach and concentrate on organic growth augmented by continuing to upgrade facilities and practices in line with current technology.

Like you, I'm not a pearl expert, my only knowledge of the market is through this HC thread. But it seems that the extraordinary demand is confined to China. I wonder what effect the higher prices are having on other markets. If customers are price sensitive, I guess they can always substitute by buying smaller or lower quality offerings. So perhaps it won't extinguish demand outside of China. So in a worst case scenario, if the Chinese stop buying we may just return to similar pricing levels as before. At least ATP will be in a better financial position than previously if that happens.