Strong Average Price Lifts Gem Diamonds Full-Year Revenue  

Gem Diamonds’ revenue grew in 2024 as the miner recovered a greater proportion of large stones, which led to a rise in the average price. 

Sales from the company’s Letšeng mine in Lesotho increased 10% to $152.8 million for the year, it said in a trading update Wednesday. Sales volume advanced 5% to 109,967 carats, with the average price gaining 4% to $1,390 per carat. 

During the year, Gem Diamonds unearthed 13 rough stones greater than 100 carats, compared to five a year earlier.  

Production for the full year fell 4% to 105,012 carats. However, that figure was still above the estimated forecast of between 98,000 and 101,000 carats for the year.  

Revenue for the fourth quarter fell 12% year on year to $32.2 million. Sales volume slipped 7% to 26,356 carats, while the average price slid 5% to $1,223 per carat. Production for the period plunged 24% to 24,461 carats. 

During the three months that ended December 31, Gem Diamonds sold six diamonds for more than $1 million each, contributing $11.6 million to total revenue for the period. The highest price the company achieved for the period was $45,077 per carat for a pink diamond weighing 3.52 carats, it noted. 

Gem Diamonds will issue its full results for 2024 in March. 

Image: The Letšeng mine in Lesotho. (Gem Diamonds)