Atlas Pearls Ltd (ASX: ATP) Updates on December Kobe Auction
Successful Auction Results
Atlas Pearls Ltd (ASX: ATP) has announced a successful auction held in Kobe, Japan, where it sold 83,184 pearls at an average price of $72.50 per piece, resulting in total revenue of $6 million. The auction, conducted on December 10 and 11, 2024, showcased approximately 89,000 pearls, continuing the positive trend seen in previous auctions throughout the year.
Future Sales Strategy
Approximately 6,000 pearls were withheld from this auction, with the expectation that they will generate higher value through alternative sales channels such as private sales, wholesale, and value-added products. The company remains committed to maximising the value of its pearl production.
Executive Comments
CEO Michael Ricci expressed his satisfaction with the auction results, noting, “This auction result was pleasing as it reflects the continued market pricing stability that we have seen since the start of the calendar year.” He highlighted the strong attendance and demand, particularly in product categories where Atlas Pearls has a substantial production volume.
The company is celebrating its 30th Anniversary with community initiatives aimed at improving local villages and stakeholders, aligning its business with ongoing corporate social responsibility and sustainability efforts.
Looking Ahead
Atlas Pearls will continue to explore growth opportunities across its diverse sales channels, which are expected to enhance overall margins. The next major auction is scheduled for April 2025, alongside a low-grade auction set for February 2025 in Sanur, Bali.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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