It is not easy being a pearl trader, yes, in terms of sourcing....

It is not easy being a pearl trader, yes, in terms of sourcing. The only boon is that there is a real lack of standard across all markets, which allows for significant margins, when things are good. And 2021 to 2023 was the best time an old-time pearl trader has ever seen in his career, all due to an abnormally high Chinese demand caused by a few converging factors. A rising tide...so everyone benefitted. But traders also have to buy at market prices in auction (plus the alpha to win the lot), and in the latter half of 2023, traders went crazy trying to procure stock, hence the ATH prices. Since January 2024 demand has almost fizzled out due to large unsold inventory in China coupled with a very sluggish economy. Most of the traders have no idea what their newest and most expenive inventory is worth and need some sort of an indication of how low prices are going to fall. It just needs to balance out and find an equilibrium. Most traders have bought themselves enough time to wait and see due to a high accumulated cash cushion (just like ATP), so the lack of activity will continue for some time, in my opinion.