A detailed description of the event can be found here.
Uncut gems can now be smelted into regular and magic crystals using the smelter in the Emperor's City (2074, 2652).
Pearl coupons have been added to the in-game store. Now you can transfer pearls to another player in the form of coupons, after using which the player will receive pearls.
In the "Other" category, the pet now has items for increasing its reputation and crystals for enhancing artifacts.
For the duration of the event, the speed of using the bait is doubled.
When you complete the tasks of the school of valor at level 70, you will mainly be sent to the peach grove, and less often to the gorge of the fallen.