High Value Recoveries Boost Gem’s Revenue

Gem Diamonds today (29 January) reported a dip in quarterly revenue but a year-on-year increase of 10 per cent, boosted by a flurry of high-value recoveries.

The UK-based miner sold $152.8m of rough in 2024, compared to $139.4m in 2023. Sales in Q4 last year were $32.2m, down almost 25 per cent on Q3.

Gem’s Letseng mine, in Lesotho, is the highest dollar per carat kimberlite diamond mine in the world.

During the year Gem sold 13 +100-cts diamonds recovered during the year, compared with just five the previous year.

The mine has averaged eight +100-cts since it started operations 17 years ago.

Six diamonds sold for more than $1m during Q4, the company said, contributing $11.6m. The highest price achieved in the quarter was $45,077 per carat for a 3.52-carat pink diamond.

Average price per carat during FY2024 was $1 ,334, a 4 per cent increase on the previous year. Th e number of carats recovered fell 4 per cent to 105,012.

Source: DCLA