Gemfields Group Limited (GEM) Q4 2025 Earnings Call

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WEBVTT 00:00:00.993 -- 00:00:05.918 Good morning and welcome to Gemfield's 2025 full-year results shareholder and investor 00:00:05.918 -- 00:00:11.263 webcast. Sean Gilbertson, CEO, and David Lovett, CFO, will present Gemfield's 00:00:11.263 -- 00:00:15.968 financial results. At the end of the presentation, we will go into a Q&A. 00:00:15.968 -- 00:00:20.092 If you'd like to ask a question, please write it in via the webcast page by clicking 00:00:20.092 -- 00:00:25.717 the Ask a Question button. Before we start, please take a note of the important information 00:00:25.717 -- 00:00:30.320 in our disclaimer on slide 2. with a full disclaimer in the appendix. 00:00:30.320 -- 00:00:32.843 And with that, I'll now pass you on to Sean. 00:00:32.843 -- 00:00:35.065 Thank you very much, Heinrich. 00:00:35.065 -- 00:00:40.091 Good morning and welcome. Thank you for your time and interest in what was an 00:00:40.091 -- 00:00:43.414 extremely difficult year for Gemfields. 00:00:43.414 -- 00:00:48.360 Ignoring the COVID year of 2020, 2025 saw 00:00:48.360 -- 00:00:50.282 us deliver 00:00:50.282 -- 00:00:52.024 our 00:00:52.024 -- 00:00:56.509 weakest annual auction revenues since 2013, 00:00:56.509 -- 00:01:01.627 more than a decade ago. and only 41% of 00:01:01.627 -- 00:01:06.694 the peak auction revenues which we achieved in 2022, which 00:01:06.694 -- 00:01:11.742 was the height of the post-COVID so-called revenge spending 00:01:11.742 -- 00:01:14.326 boom for us. 00:01:14.326 -- 00:01:19.433 I think it's worth recapping on what transpired in getting us 00:01:19.433 -- 00:01:22.212 to this situation. 00:01:22.212 -- 00:01:27.618 First, buoyed by the post-COVID boom, we paid out $80 million 00:01:27.618 -- 00:01:32.724 in dividends to shareholders between May 22 and May 24, ...