Gem exceeds production, sales guidance
London-listed Gem Diamonds, which owns and operates the Letšeng mine, in Lesotho, recovered 90354 ct of diamonds and sold 88 381 ct of diamonds in the financial year ended December 31.
While lower than the 105012 ct recovered and the 109967 ct sold in the 2024 financial year, carat recoveries were at the top end of guidance of between 87000 ct and 90000 ct, while sales exceeded guidance of 84000 ct to 87000 ct.
In a February 4 trading update, the diamond miner noted that nine diamonds greater than 100 ct each were recovered during the financial year, compared with the 13 diamonds weighing more than 100 ct recovered in 2024.
The value of diamonds sold decreased by 36% year-on-year to $97.7-million, from $152.8-million recorded for the 2024 financial year.
The average price per carat also decreased – by 20% year-on-year – to $1105/ct, from $1390/ct in the prior year.
