Blackmagic Design DaVinci Resolve Advanced Panel - Manual (Page 134)

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For example, if you’re importing an AAF from Avid Media Composer, you’ll likely want to
select the “Avid Media Files” folder, on whichever volume you’ve put it. Be aware that even
though Resolve traverses all the subfolders of whichever folder you select, if you select
a folder with many subfolders such as your entire hard drive, it may take considerably
longer to find the media.
Important: If you didn’t add the volume containing the AAF media to the Media Storage
Volumes list of the DaVinci Resolve Preferences, it won’t be available to select.
The AAF/XML file is imported. A new session appears in the Timeline Management list,
the referenced media files appear in the Media Pool, and the edit appears in the Timeline.
Clips that could not be linked to a corresponding file in the Media Pool appear with a red
x to indicate that they’re unconformed.
If the media referenced by the AAF or XML file is not in a compatible format, or if you want to reconform
the AAF or XML project to a higher-quality set of media files, then you can follow a different procedure.