Sooner or later you knew something was bound to slip through. The ingredient under discussion is called pearl essence. It's the silvery stuff found in fish scales that's used in some lipsticks, nail polishes, ceramic glazes, etc., to make them shimmery. Synthetic versions have been developed, but to what extent they've supplanted the natural variety I hesitate to say. The cosmetics companies were not forthcoming and I got contrary stories from different industry observers.
Fishermen still collect the stuff, though, and one presumes it's being put to good use.
Gang, one hates to harp on this, but get a grip. It would otherwise be left over after they extracted the more obviously useful parts of the fish, and surely it's preferable to have the stuff wind up on the lips of women than on some heap of toxic slag. Still, one wants to be thorough. I contacted People for the Ethical Treatment of Animals, figuring that any organization with the balls to urge college students to drink beer rather than milk because dairying hurts the cows was sure to have a horror story or two about how we oppress fish. No response, although you have to assume the hook and net thing isn't good.