Large-Stone Recoveries Boost Gem Diamonds Sales

Gem Diamonds’ revenue grew in the third quarter as the sale of a higher proportion of large stones raised the average price for its rough. 

Sales from the company’s Letšeng mine in Lesotho jumped 36% year on year to $42.7 million for the three months that ended September 30, it said last week. Sales volume rose 11% to 26,617 carats, while the average price increased 22% to $1,603 per carat. Revenue also climbed 9% from the previous quarter, with the average price up 13%. 

Gem Diamonds sold six diamonds for more than $1 million each, generating revenue of $22.6 million during the period. A year earlier, it sold only four diamonds in that range, which garnered $6.1 million. The highest price achieved in the three months from July to September was for a 10.98-carat pink diamond, which realized $45,537 per carat. 

Production slipped 8% to 24,678 carats for the period, with the company recovering five diamonds greater than 100 carats. That brings the miner’s year-to-date total to 13 diamonds over 100 carats. 

In the first nine months of 2024, revenue jumped 17% to $120.5 million. Sales volume advanced 10% to 83,610 carats, and the average price was up 7% to $1,441 per carat. Output for the January-to-September period rose 3.9% to 80,550 carats.

Image: A 212.91-carat rough found on September 19. (Gem Diamonds)