Overview of Atlas Pearls Ltd's recent auction update

Atlas Pearls Ltd (ASX:ATP) has released an update on the recent auction held in Kobe, Japan. The auction in October 2024 resulted in the sale of 73,956 pieces at an average price of $73.50 per piece, generating a total revenue of $5.4 million. The pricing achieved at this auction was slightly above the previous auction in 2024.

Executive commentary on auction results and market stability

Mr Michael Ricci, CEO, expressed satisfaction with the auction results, highlighting the continued market pricing stability observed since the beginning of the calendar year. He noted good attendance and activity at the auction, despite coinciding with the start of Golden Week. Mr Ricci also emphasized the Company's commitment to maximizing the value of each pearl produced and the successful engagement with customers at a pre-auction event celebrating the 30th Anniversary of Atlas Pearls.

Summary of Atlas Pearls Ltd's auction update and future plans

The recent auction in Kobe, Japan, marked a successful sale for Atlas Pearls, with the company achieving higher pricing and total revenue of $5.4 million. With approximately 7,000 pearls withheld from the auction, the company anticipates realizing better value through alternative sales channels. The CEO's positive outlook on market stability and the Company's focus on growing revenue from multiple sales channels outside of the auction system indicate a promising future. Atlas Pearls plans to continue selling into wholesale and value add channels, with the next auction scheduled for December 2024.