News: Atlas Pearls and Perfumes completes record pearl auction in Japan

Atlas Pearls and Perfumes (ASX:ATP) has revealed that yesterday’s pearl auction in Kobe, Japan, was the Company’s most successful pearl auction to date.

Atlas achieved a record result, selling $2.5 million worth of 9-13mm high quality south sea pearls at prices which were 14% over Atlas’s reserve.

This auction result as it shows that there is a growing and sustainable demand for smaller pearl sizes across the world.

The latest Atlas auction is another milestone for the Company, with a 40% increase in pearl prices since the first Atlas auction was conducted in May 2012.

The auctions have resulted in a substantial lift in revenue for Atlas and have enabled Atlas to target a much larger customer base.

Previously, 70-80% of the company's harvest was sold to just four different customers, but now are selling pearls to 50 of the world's largest wholesalers.

Kobe attracts the highest concentration of pearl wholesalers anywhere in the world and is the traditional centre for pearl trading.

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