36% Slump in Gem Diamonds Revenue
February 05, 26
(IDEX Online) - Gem Diamonds has reported a 36 per cent drop in full year revenue for 2025.
The UK-based miner also said the number of carats sold, and the average per-carat price achieved had both fallen by 20 per cent in 2025, compared with 2024.
Gem's Letseng mine, in Lesotho, is widely recognized as the highest dollar per carat kimberlite diamond mine in the world.
But it has seen sales and prices slide amid a global downturn in demand for natural diamonds, compounded by a weak dollar and US tariffs.
The company laid off a fifth of its workforce last year and cut executive salaries.
It also scaled back operations and slashed waste stripping by 64 per cent to save costs amid low prices.
Full-year revenue from Letseng fell 36 per cent to $97.7m, Gem said in a Trading Update published yesterday (4 February).
Sales volume was down 20 per cent to 88,381 carats at an average price of $1,105 per carat (also down 20 per cent).
Revenue for Q4 was $27.3m according to the update, up 6 per cent on the previous quarter.
Gem said it recovered nine +100-carat diamonds during the year (down from 13 in 2024) as well as a 193-carat type II diamond since the start of 2026.
Pic, courtesy Gem Diamonds, of the Letseng mine.