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Gem Diamonds’ revenue fell in 2025 amid a challenging diamond market.
Sales from the company’s Letšeng mine in Lesotho dropped 36% to $97.7 million for the year, it said in a trading update Wednesday. Sales volume slipped 20% to 88,381 carats, with the average price falling 20% to $1,105 per carat.
During the year, Gem Diamonds recovered nine rough stones greater than 100 carats, compared to 13 last year.
Output declined 14% to 90,354 carats for the year as the miner deferred the processing of some ore to save money in light of the industry slowdown.
Revenue for the fourth quarter slid 15% year on year to $27.3 million. Sales volume was down 20% to 21,191 carats, while the average price rose 5% to $1,288 per carat. Production for the period dropped 14% to 20,961 carats.
During the three months that ended December 31, Gem Diamonds sold six diamonds for more than $1 million each, realizing a total of $9.2 million. The highest price achieved during the period was $66,602 per carat for a pink diamond weighing 8.83 carats.
Image: The Letšeng mine in Lesotho. (Gem Diamonds)
