Gem's Revenue up, Driven by Big Recoveries
August 12, 24
(IDEX Online) - Gem Diamonds reported a 9 per cent increase in its first half revenue, driven in part by a spike in high-value recoveries at its Letseng mine, in Lesotho.
Sales for the six months to 30 June were $77.9m, the UK-based company said in trading update today (13 August).
Gem said it had recovered eight +10-cts diamonds recovered during the period, compared with just five during the whole of 2023. Six were sold during the six months, and Gem recovered an additional +100-cts stone - a 145.55 carat Type II white diamond - earlier this month.
The company didn't disclose prices for its +100-cts. But it said that during the half year 11 diamonds sold for more than $1m, generating $29.5m of revenue.
The highest price achieved was $41 007 per carat for a 62.78 carat white diamond.
Letseng - 70 per cent owned by Gem and 30 per cent by the Lesotho government - recovered 10 per cent more carats year-on-year (55,873 carats). It is the highest dollar per carat kimberlite diamond mine in the world.
Pic courtesy Gem Diamonds shows a 145.55 carat Type II white diamond recovered earlier this month.