From memory, China accounts for about 90% of the global pearl...

From memory, China accounts for about 90% of the global pearl market, in terms of final demand. I’ve also heard it say that markups between the price paid to the farmer and the price paid by the consumer are as much as 700%, in part because there are many intermediaries in the supply chain. My point is that ATP are selling to intermediaries (eg jewelry manufacturers or their suppliers) from all around the world, who in turn might sell to other businesses in the supply chain (eg retailers). None of them may be Chinese. But ultimately, it’s China where the pearls end up, and it’s China that determines demand and prices all the way down the supply chain.