Ann: Corporate Presentation, page-139

I spoke to CJ about GEM's failure on going down the cut stone route last year and he was very aware why GEM failed (i.e. the ruby buyers would not buy from a supplier that also sold cut stones). CJ did not tell me what MUS were going to do differently, but he seemed very confident that MUS were not going to repeat GEM's mistake.

My current theory is that some large jeweller in the USA told CJ that if they could supply ethically sourced cut rubies that they would buy them directly from MUS (we can guess who this jeweller is). The jeweller then changed their mind in early April and left CJ and MUS out to dry.

I was critical of how CJ handled the communication of the change in direction, but it was the right action to take.