[1.2.170] Elemental Pirates? New pet!

Yeah, that's right.
10 Normal refined + 103k = 1 low
10 low + 103k = 1 mid
10 mid + 516k = 1 high
10 Normal refined black/dark + 155k = 1 low black/dark
10 low black/dark + 155k = 1 mid black/dark
10 mid black/dark + 775k = 1 high black/dark

This means you need 1000 refined crystals to make 1 high grade crystal, by the way. That's 10000 ores.

Not necessarily. To my limited knowledge, it's not a good idea to convert 10 refined to 1 low, since by grading those 10 jewels the worst result you can get is 10 low grade.
That or I misunderstood, and this new conversion system replaces the old grading system?