Gem Diamonds’ revenue jumped 35% year on year to $34.8 million in the third quarter, thanks to a boost from the sale of the 347-carat Lesotho Jubilee diamond.
The miner’s average selling price for diamonds from its Letšeng deposit soared 73% to $1,945 per carat for the period that ended September 30, it reported Wednesday. Sales volume slid 22% to 17,889 carats.
“Sales of Letšeng’s rough diamonds in September achieved good prices,” said Gem Diamonds CEO Clifford Elphick. “These results are encouraging indicators that demand and prices for Letšeng quality diamonds are firm.”
Gem Diamonds, which holds a 70% stake in the Lesotho mine, is known for producing large, high-value diamonds. During the three months, it unearthed three diamonds greater than 100 carats.
Production slipped 13% to 19,299 carats. In accordance with the mine plan, production during the period came primarily from the main pipe, with only 7,143 tonnes of ore processed from the current satellite pit “cutback” – an expansion in the pit wall. Preparations are ongoing for the next cutback at the satellite pipe.
The miner sold two diamonds weighing more than 100 carats, including the 347-carat Lesotho Jubilee, a white type II stone recovered in the second quarter of 2026, named in recognition of the country’s 60th anniversary of independence on October 4. The sale contributed to the higher average price per carat achieved during the period. Meanwhile, four diamonds realized more than $1 million each, generating a combined $22.2 million.
Image: The Letšeng mine. (Gem Diamonds)
