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Gem Diamonds reported a profit for the first half of 2026 as prices for rough stones from its Letšeng mine in Lesotho increased and the company implemented cost-cutting measures.
“We are pleased to report a significantly improved financial performance in the first half compared to the same period last year,” Gem Diamonds CEO Clifford Elphick said Thursday. “The structural cost measures implemented in July 2025, as well as the extension of Letšeng’s royalty relief, are delivering tangible results.”
Profit for the six months that ended June 30 came to $600,000, compared to a loss of $11.7 million a year ago. Revenue increased 31% to $59.7 million as the average price grew 38% to $1,395 per carat. The highest price achieved for a white rough diamond during the period was $32,908 per carat.
Output from the deposit fell 12% to 41,695 carats, even though the company processed 2.6 million tonnes of ore compared with 2.5 million during the same period of 2025, the company said.
Meanwhile, Gem Diamonds lowered its net debt to $500,000 as of June 30, versus $20.1 million at December 31.
Image: A rough diamond from Letšeng. (Gem Diamonds)
