Yes...Cardas don't sell the raw cable, only the full shielded headphone version. The IEM cable is derived from that cable and is a pita to make apparently.
This is what Cardas sells:
The wrapping/sheathing then needs to be stripped down to extract the core cables, of which there are 4 in total in the two L+R sections of the headphone cable:
Which gives you this (in PW Audio format):
And also this:
Look familiar?
BTW, you can buy 5m of Cardas Clear headphone cable for $1,180 from various online suppliers:
A 1.2m length of PWA 1950s will set you back more than $2,000. Sure there's labour and skilled workmanship involved to make each cable, but even so, that's a JUICY profit margin right there. And that's on already marked-up cables.
IEM luxury cables are in a league of their own when it comes to pricing.