Full Year 2024 Gem Diamonds Ltd Earnings Call Transcript
Key Points
- Gem Diamonds Ltd (GMDMF) achieved a dollar per carat of nearly $1,400, which is considered a good result despite significant market headwinds.
- The company successfully reduced its net debt from $21 million to $7 million over the year.
- Gem Diamonds Ltd (GMDMF) reported an EBITDA of nearly $30 million, translating into earnings per share of just over $0.02.
- The company achieved a record low all-injury frequency rate of 0.61, indicating strong safety performance.
- Gem Diamonds Ltd (GMDMF) is on track to meet its decarbonization target of 30% by 2030, with a current reduction of 27%.
- The diamond market faced challenges with constrained Chinese demand and geopolitical tensions affecting prices.
- Interest rates remained higher than expected, impacting consumer demand and market conditions.
- Lab-grown diamonds continue to impact consumer demand for natural diamonds, creating market uncertainty.
- The company experienced a slight decrease in carats recovered, from 110,000 in the previous year to 105,000.
- Gem Diamonds Ltd (GMDMF) is not in a position to pay dividends due to financial constraints and market uncertainties.
Good morning, ladies and gentlemen, and welcome to Gem Diamonds full-year results presentation for the year ended December 31, 2024. Our presenters today are Clifford Elphick, CEO of Gem Diamonds; Michael Michael, CFO; and Brandon de Bruin, COO.
(Event Instructions) I will now hand over to Clifford. Clifford?
Thank you. Good morning, everybody, and welcome to the presentation of Gem Diamonds' 2024 annual report and accounts. I see we have page 4 up on the screen. Just to remind you all that the disclaimer is on page 2. And if you wouldn't mind reading that, please.
So 2024 in review of summary, we've recovered 105,000 carats. That's sort of in the middle of the range of the carats, which we've recovered over the last five years. So a pretty steady position. The dollar per carat achieved, which is obviously a focus area of close to $1,400 was a result that we were pleased with.
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