that's why its traded at a discount to NTA... the market agrees...

that's why its traded at a discount to NTA...
the market agrees with you.
but there are many levers available to mitigate that risk... and improve per pearl price... which they are working on.
and my interest in ATP is their ability to transition to stable and predictable earnings with those efforts.

I don't agree that pearls are a commodity...
producers have control over quality of the pearls they produce...
and for the longest time, the know how to produce quality pearls has been confined to a few... its not that easy...
further, their brand and distribution channels have a significant impact on per pearl prices.
Paspaley and Atlas both sell the same product.
It might appear to be a commodity right now due to reliance on Auctions and the recent trouble they're having with quality / size...
but quality pearls are not a commodity.
they just need to be producing quality pearls, and selling them to the highest value channels.