reported quarterly revenue of US$32.1 million for the period ending 31 March 2026, supported by the continued recovery and sale of exceptional large diamonds from its Letšeng mine in Lesotho.
The company achieved an average price of US$1,501 per carat at its first export sale of the year, representing a 17% increase from the previous quarter. Although total carats sold declined 21% to 16,727 carats, Gem Diamonds deferred part of its production into the second quarter.
A key contributor to revenue was the sale of 10 diamonds larger than 10.8 carats, including a remarkable 191.82 carat Type IIa white diamond. These stones generated US$7 million during the quarter, with the balance of the parcel still to be sold.
Gem Diamonds highlighted that four exceptional stones sold for more than US$1 million each, contributing a combined US$9.9 million in revenue. The highest value achieved during the quarter was US$32,908 per carat for a 52.24 carat white diamond.
The company also recovered two additional stones exceeding 100 carats during the quarter, including another 191.82 carat diamond and a 100.71 carat faint yellow diamond scheduled for sale in the second quarter.
Production at the Letšeng mine remained weighted towards the lower grade Main Pipe in line with the mine plan, while contribution from the higher value Satellite Pipe was reduced. Ore treated declined 3% quarter on quarter to 1.33 million tonnes, while total carat recovery increased 3% to 21,605 carats.
The results continue to demonstrate the resilience of the high value large diamond market, even as broader polished diamond demand and consumer spending remain under pressure globally.
Gem Diamonds stated that all operational and financial metrics remain within its 2026 guidance.
Source: DCLA
