Gem Diamonds Reports Revenue Surge
October 29, 24
(IDEX Online) - Gem Diamonds says revenue for the three months to 30 September (Q3 2024) was $42.7m, a year-on-year rise of 36 per cent.
The company has seen above-average recoveries of +100-cts diamonds (13 so far this year compared to an historic average of eight) and other high-value diamonds from its Letseng mine, in Lesotho.
The highest price achieved during the quarter was $45,537 per carat for a 10.98 carat pink diamond.
The UK-based miner sold 26,617 carats, down 11 per cent year-on-year, but saw average per carat prices increase 18 per cent to $1,603.
Six diamonds sold for over $1m during the quarter, contributing $22.6m, and five +100-cts were recovered.
Letseng - 70 per cent owned by Gem and 30 per cent by the Lesotho government - is the highest dollar per carat kimberlite diamond mine in the world.
Total YTD 2024 sales are $120.5m, compared to $103m at the same point last year.
Pic courtesy Gem Diamonds shows a 212.91 carat stone recovered in September.