Gemfields Group Limited (GEM) Q2 2025 Earnings Call

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WEBVTT 00:00:01.077 -- 00:00:05.942 Good morning and welcome to Gemfield's 2025 Half Your Results Shareholder and Investor 00:00:05.942 -- 00:00:11.188 Webcast. Sean Gilbertson, CEO, and David Lovett, CFO, will present 00:00:11.188 -- 00:00:14.351 Gemfield's financial results to the end of June 2025. 00:00:14.351 -- 00:00:17.915 At the end of the presentation, we will go into Q&A. 00:00:17.915 -- 00:00:22.280 If you'd like to ask a question, please write it in via this webcast page by clicking 00:00:22.280 -- 00:00:27.803 the Ask a Question button. Before we start, please take a note of the important information 00:00:27.803 -- 00:00:32.448 in our disclaimer on slide two, with a full disclaimer in the appendix. 00:00:32.448 -- 00:00:36.553 And with that, I'll now pass you on to Sean to start on slide three. 00:00:36.553 -- 00:00:42.040 Good morning and welcome. Thank you very much for joining us this morning after 00:00:42.040 -- 00:00:46.825 what has been a seriously challenging first half for Gemfields. 00:00:46.825 -- 00:00:52.011 MRM experienced lower premium ruby outputs, while Karjam suspended 00:00:52.011 -- 00:00:57.758 mining altogether at the end of 2024, with only limited operations 00:00:57.758 -- 00:01:02.102 resuming again in May of this year. 00:01:02.102 -- 00:01:06.748 The beginning of the year was also marred by civil unrest in the wake of Mozambique's 00:01:06.748 -- 00:01:12.214 disputed general election, and of course the surprise implementation 00:01:12.214 -- 00:01:17.015 of the 15% export duty on emeralds in Zambia. 00:01:17.015 -- 00:01:20.901 Both of those issues are now thankfully resolved. 00:01:20.901 -- 00:01:26.350 These factors, combined with Chinese luxury consumption effectively 00:01:26.350 -- 00:01:31.578 being offline, contributed...