In the case where the fluctuations of the mind have diminished, consciousness becomes like a transparent jewel where the subject (experiencer) and object (the experienced) become identical (the experiencing).
This verse describes the process of identification underlying Samadhi. In the state of Samadhi, space and time become obsolete in the psyche while still remaining relevant in the manifested universe. In Hermetics (the Kabylon) it is said that All is Mind, however the essence is Consciousness and its expression at a subtle level (energetics) is mind which manifests itself in and as the world of name and form.
Samadhi is a state of awareness where the mind has been quelled of its activities (fluctuations) in order to unveil its true foundation which is Consciousness as the Pure Light of Awareness itself.