Increase in Large-Stone Recovery Boosts Gem Diamonds Revenue

Gem Diamonds saw sales of rough from its Letšeng mine in Lesotho rise in the first half as the company sold a higher proportion of large goods. 

Rough sales for the six months that ended June 30 climbed 9% year on year to $77.9 million, while sales volume also increased 9% to 56,944 carats, the miner reported Tuesday. The average price remained flat at $1,366 per carat. 

The company sold a total of 11 diamonds for more than $1 million each, generating revenue of $29.5 million, it said. The highest price achieved was $41,007 per carat for a white diamond weighing 62.78 carats. During the period the company recovered eight rough stones greater than 100 carats, six of which it sold in the six months. That compared with the retrieval of two diamonds of that caliber in the first half of 2023, of which the company sold one during that period. 

Meanwhile, output from the site came to 55,873 carats, a 10% rise versus the same period a year ago. The rise in production was due to a 7% improvement in the recovered grade, the company noted. 

Following the end of the period, the miner unearthed a 145.55-carat, white, type II rough, bringing its total so far this year to nine diamonds over 100 carats. Gem Diamonds is on track to meet both its operational and financial forecasts for the full year, it added.

Image: A rough diamond. (Gem Diamonds)