"Pearl Diver" seems to be about the pursuit of happiness or a valuable treasure, which ultimately leads to one's demise. The protagonist is portrayed as a treasure hunter who has died, and the opening lines suggest that their success came at the cost of their life. The fading light of the world could be symbolic of the end of a life, the fading of one's ambition, or the loss of hope. In the first verse, the protagonist seems to have lost touch with reality as they cannot see the other end and their body has lost feeling.

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