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Gem Diamonds’ revenue increased in the first quarter amid an improvement in prices for rough from its Letšeng mine in Lesotho.
Revenue rose 16% to $25.1 million year on year for the three months that ended March 31, the company said Wednesday. Sales volume dropped 18% to 16,727 carats, while the average price increased 42% to $1,501 per carat. The company also sold a parcel of 363 carats of diamonds above 10.80 carats for $7 million dollars. The value of those special-sized stones was not included in the per-carat price.
The company retained a portion of the carats produced during the three months, which would typically have been sold during the period, for sale in the second quarter. This contributed to the decline in sales volume.
Gem Diamonds sold four diamonds for more than $1 million each, generating a total of $9.9 million. The highest price achieved in the three-month period was for a 57.24-carat white diamond, which realized $32,908 per carat.
Production fell 8% year on year to 21,605 carats. During the period, the miner recovered two diamonds greater than 100 carats: a 100.71-carat, faint-yellow, type I diamond that will be sold in the second quarter and a 191.82-carat type II diamond.
Image: The Letšeng mine. (Gem Diamonds)
