At one time Atlas claimed the problems they were facing were confined to a single brood stock at a single farm, but did not really elaborate in any detail in the Annual Report, though they did say there were signs of stabilisation in Pearl size recently - consistent with the results of the September auction. I guess we’ll just have to wait for further auction results and management commentary, to see whether this is an ongoing issue. As we know though, demand and prices for these smaller pearls are still very strong - in the current market.
The demand for pearls in China, page-23
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