Gem Diamonds Revenue up 41% for Q4 2019
February 13, 20
(IDEX Online) - Gem Diamonds has announced that its revenue for Q4 2019 increased 41% to $51.3 million (Q3 2019: $36.3 million) The volume of diamonds sold increased 17 percent to 29,945 (Q3 2019: 25,631) while the average per-carat price increased by 21 percent to $1,713 per carat (Q3 2019: $1,417 per carat). That figure improved to $1,753 per carat for the first tender of 2020. During Q4 2019, Gem Diamonds recovered four diamonds over 100 carats in size, making 11 diamonds larger than 100 carats for 2019. That means there have now been 100 diamonds over 100 carats each recovered at the Letšeng mine since the company began operating the mine in 2006. Also during the quarter, Gem Diamonds sold seven diamonds for over $1 million each, generating revenue of $15.6 million. In total, 27 diamonds sold for more than $1 million each during 2019, generating revenue of $68.2 million. The three diamonds of 70, 89 and 183 carats that were recovered on February 3 will be sold next month. "Letšeng delivered solid operational results. Carats sold are up 17 percent on the prior quarter. There was an increase in volumes treated for the year and a significant reduction in the waste profile," said Gem Diamonds' CEO, Clifford Elphick. "This, together with the Business Transformation programme delivering its targeted gains and continued emphasis on cost controls, positions the company well for the anticipated upturn in the market which appears to have begun."