Quite surprising that the company does not say much about their...

Quite surprising that the company does not say much about their non auction business (except the impact on volumes and sales).

Unlike what I thought initially, their non auction business is not so much a retail business (for now).
It is mainly the sales to private customers.
It also includes the sales of final products (ex. strands and pairs) where they can "add significant value outside the traditional auction channels".

It is not yet obvious for me how they have been able to double the volume of these sales during H1 25.
But it is clear that they have done a good work to achieve this.
It was also not just a one off, as they were already selling at a much higher unit price during H1 24 : 225 $ vs 96 $ at auctions.

Obviously, the company is moving in the right direction both in term of products and distribution channels :
- focusing more on final products, and not just commodities (pearls),
- succeeding in its strategy to optimise unit price by moving to the best channel.