Gem Diamonds Reports Revenue Surge

Gem Diamonds says revenue for the three months to 30 September (Q3 2024) was $42.7m, a year-on-year rise of 36 per cent.

The company has seen above-average recoveries of +100-cts diamonds (13 so far this year compared to an historic average of eight) and other high-value diamonds from its Letseng mine, in Lesotho.

The highest price achieved during the quarter was $45,537 per carat for a 10.98 carat pink diamond.

The UK-based miner sold 26,617 carats, down 11 per cent year-on-year, but saw average per carat prices increase 18 per cent to $1,603.

Six diamonds sold for over $1m during the quarter, contributing $22.6m, and five +100-cts were recovered.

Letseng – 70 per cent owned by Gem and 30 per cent by the Lesotho government – is the highest dollar per carat kimberlite diamond mine in the world.

Total YTD 2024 sales are $120.5m, compared to $103m at the same point last year.

Source: DCLA

Gem Diamonds’ Letšeng mine yields 212 carat stone

Africa focused miner Gem Diamonds has found yet another big precious stone at its prolific Letšeng mine in Lesotho, the third greater than 100 carat diamond mined in September.

The 212.91 carat Type II white diamond was recovered on September 19th, the company said on Monday. It is the thirteenth diamond over 100-carat unearthed this year at the operation, it noted.

Type IIa diamonds are the most valued and collectable precious gemstones, as they contain either very little or no nitrogen atoms in their crystal structure.

The Letšeng mine, owned 70% by Gem Diamonds, is one of the world’s ten largest diamond operations by revenue. At 3,100 metres (10,000 feet) above sea level, it is also one of the world’s most elevated diamond mines.

The operation has a track record of producing large, exceptional white diamonds, which makes it the highest-dollar-per-carat kimberlite diamond mine in the world.

Source: DCLA

Gem Diamonds finds 126.2 carat stone at Letšeng mine

Africa focused miner Gem Diamonds has unearthed yet another large white diamond at its prolific Letšeng mine in Lesotho.

The 126.21 carat Type II white diamond is the twelfth greater than 100 carat precious stone mined this year at the operation, the company said.

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Type IIa diamonds are the most valued and collectable precious gemstones, as they contain either very little or no nitrogen atoms in their crystal structure.

The Letšeng mine, owned 70% by Gem Diamonds, is one of the world’s ten largest diamond operations by revenue. At 3,100 metres (10,000 feet) above sea level, it is also one of the world’s most elevated diamond mines.

The operation has a track record of producing large, exceptional white diamonds, which makes it the highest dollar per carat kimberlite diamond mine in the world.

Source: DCLA

Gem Diamonds Doubles its +100 carats Haul

Gem Diamonds has now recovered twice as many +100 cts diamond this year than during the whole of 2023.

The UK-based company today announced a 129.71 carat Type II white diamond from its Letseng mine, in Lesotho.

It’s the 10th +100 cts diamond of 2024. Historically the mine averages eight per year, but last year it recovered only five.

The spike in high-value recoveries has helped push up revenue at Gem. Earlier this month it reported a 9 per cent increase in its first half earnings to $77.9m.

Letseng 70 per cent owned by Gem and 30 per cent by the Lesotho government is the highest dollar per carat kimberlite diamond mine in the world.

Pic courtesy Gem Diamonds, shows the 129.71 ct stone.

Source: DCLA

Gem Diamonds digs up 145 carat diamond in Lesotho

Africa-focused miner Gem Diamonds has unearthed a 145.55 carat, Type II white diamond at its prolific Letsěng mine in Lesotho.

The diamond, recovered on August 3rd, is the ninth greater than 100-carat precious stone recovered this year at the operation, the company said.

Type IIa diamonds are the most valued and collectable precious gemstones, as they contain either very little or no nitrogen atoms in their crystal structure. Boart diamonds are stones of low quality that are used in powder form as an abrasive.

The Type II, white diamond is the ninth greater than 100-carat precious stone recovered this year at the Letsěng mine.

The Letšeng mine is one of the world’s ten largest diamond operations by revenue. At 3,100 metres (10,000 feet) above sea level, it is also one of the world’s most elevated diamond mines.

Diamond miners are going through a rough patch as US and Chinese demand for diamond jewellery continues to be weak and the popularity of cheaper laboratory grown diamonds continues to rise.

In 2015, man-made diamonds had barely made an appearance as a competitor to natural diamonds. By last year, these stones accounted for more than 10% of the global diamond jewelry market, according to industry specialist Paul Zimnisky.

The market values of small to medium diamond mining companies, including Canada’s Lucara, South Africa’s Petra, and Gem Diamonds itself, are around $100 million or less. This is only about a third or a fourth of the price the large stones they aim to find may be worth.

The news comes as competitor Petra Diamonds postponed the sale of rough stones mined at its South African operations that would have been offered during the August/September event of the year, amid low demand.

Source: DCLA

Gem Diamonds unearths 123 carat rough diamond in Lesotho

Letšeng is the world’s highest dollar per carat diamond mine.

Gem Diamonds has announced the recovery of a 123.2 carat type 11 white diamond at its Letšeng mine in Lesotho.  

This is the eighth greater than 100 diamond found at the operation in 2024, the company said.  

Type IIa diamonds are the most valued and collectable precious gemstones, as they contain either very little or no nitrogen atoms in their crystal structure. Boart diamonds are stones of low quality that are used in powder form as an abrasive. 

The prolific Letšeng mine is one of the world’s ten largest diamond operations by revenue. At 3,100 metres (10,000 feet) above sea level, it is also one of the world’s most elevated diamond mines. 

The Letšeng mine is famous for the production of large, exceptional white quality diamonds, making it the highest dollar per carat kimberlite mine in the world, Gem said.  

Source: DCLA

Gem Diamonds finds 172 carat stone at Letšeng

Africa focused miner Gem Diamonds has unearthed a 172.06 ct Type II white diamond at its prolific Letšeng mine in Lesotho, just days after another major find.

The diamond, recovered on June 2nd, is the seventh greater than 100 carat precious stone recovered this year at the operation, the company said.

Type IIa diamonds are the most valued and collectable precious gemstones, as they contain either very little or no nitrogen atoms in their crystal structure.

The Letšeng mine is one of the world’s ten largest diamond operations by revenue. At 3,100 metres (10,000 feet) above sea level, it is also one of the world’s most elevated diamond mines.

Diamond miners are going through a rough patch as US and Chinese demand for diamond jewellery continues to be weak and the popularity of cheaper laboratory grown diamonds continues to rise.

In 2015, man made diamonds had barely made an appearance as a competitor to natural diamonds. By last year, these stones accounted for more than 10% of the global diamond jewelry market, according to industry specialist Paul Zimnisky.

The market values of small to medium diamond mining companies, including Canada’s Lucara, South Africa’s Petra, and Gem Diamonds itself, are around $100 million or less. This is only about a third or a fourth of the price the large stones they aim to find may be worth.

Source: DCLA