High-Value Recoveries Drive up Gem Revenue
March 13, 25
(IDEX Online) - Gem Diamonds saw revenue and profits increase in FY2024, as high-value recoveries more than made up for persistent downward pressure of the diamond market.
In its Full Year 2024 Results published today (13 March), the UK-based miner reported a 10 per cent increase in revenue to $154.2m, largely driven by the sale of 13 +100-cts diamonds from its Letseng mine, in Lesotho.
Underlying EBITDA almost doubled to $29.7m and profit for the year increase from $1.6m to $8.1m.
Exceptional sales included an 11 carat pink diamond that was sold for $45,537 per carat, a 63 carat Type IIa white diamond that was sold for $41,007 per carat (the highest per carat price of the year) and a 113 carat Type IIa white diamond that was sold for $39,345 per carat.
The number of carats recovered during the year fell 4 per cent to 105,012.
Clifford Elphick, CEO at Gem, said: "2024 was another challenging year for the diamond market with decreasing rough and polished diamond prices. Our relentless focus on factors within our control - cost containment, operational efficiencies and appropriate capital allocation, has yielded pleasing results."
Looking to the future, the company expects the market to remain under pressure during the year, with signs of a modest recovery in diamond prices.