My guess is
It "works a spell" - its usual effect, which can be compared to magic quite well (it
is magic

) and "satiates my [your] thirst" - the thirst for points, also called "greed". I don't think this is too absurd because thirst as a metaphore for greed is used commonly.
And "my scale of colour skips over the first" - I would translate that as "my colour is the second colour". In the rainbow, the first colour is red and the second one orange -

is orange too.
You could also say that

has the "first" colour among the pearls and

the second one, but I like the rainbow idea better.
Okay? Right? Wrong?

At least I tried.