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Chapterhouse – Pearl Lyrics 10 years ago
Okay, here's my take on it:
'Mother of pearl' apparently refers to some sort of high quality cocaine, I think 'daughter of yellow' could then be heroin. The whole song describes a high achieved from mixing those substances, a practice known as speedballing.

Coolest blue, fire world -> the contrast between upper and downer drugs
Sacred child -> the high resulting from mixing the drugs
Then she just left me/I thought she was mine -> tolerance buildup made the high lose its appeal

It's the good old woman/drug metaphor and reminds me of songs like 'There She Goes' by The La's or 'Golden Brown' by The Stranglers.
I think the last verse is pretty self-explanatory if you keep this theory in mind.

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