Half Year 2022 Results


Gem Diamonds Limited (LSE: GEMD) (“Gem Diamonds”, the “Company” or the “Group”) announces its Half Year Results for the six months ending 30 June 2022 (the “Period”).


  • Revenue of US$100.0 million (H1 2020: US$104.5 million)
  • Cash on hand of US$24.2 million at 30 June 2022 (US$19.3 million attributable to Gem Diamonds)
  • The Group has unutilised facilities of US$69.9 million
  • Underlying EBITDA of US$20.9 million (H1 2021: US$34.7 million)
  • Earnings per share from continuing operations of 3.4 US cents per share (H1 2021: 7.6 US cents)


  • Zero fatalities and two lost time injuries
  • Average price of US$1 745 per carat achieved (H1 2021: US$1 886 per carat)
  • Three diamonds larger than 100 carats recovered (H1 2021: Three)
  • Recovered 55 157 carats (H1 2021: 58 831 carats)
  • Waste tonnes mined of 6.3 million tonnes in accordance with mine plan (H1 2021: 10.2 million tonnes)
  • Ore treated of 3.0 million tonnes (H1 2021: 3.1 million tonnes)

Diamond market

Strong demand and robust prices achieved for Letšeng's diamonds reflected the continued positive sentiment in the diamond market. The Group hosted another Dubai tender viewing in March 2022 which was well-attended and contributed positively to the firm prices achieved during the Period.


The Letšeng operation has operated in line with expectations during the Period despite challenges presented by severe weather conditions such as a high rainfall season and snow, which impacted both mining and treatment activities; increased frequency of electricity disruptions and increased operating costs, most notably diesel and explosive consumables.

Commenting on the results today, Clifford Elphick, Chief Executive Officer of Gem Diamonds, said:

“The results during the Period reflect continued strong demand for Letšeng's high-quality rough diamonds.

A solid operational performance has been achieved despite exceptionally high rainfall over the period to April and grid electricity interruptions which have necessitated increased reliance on diesel power generation with resulting cost increases as well as supply chain disruptions resulting from adverse global events.“

The Company will host a live audio webcast presentation of the half year results today, 1 September 2022, at 9:30 GMT. This can be viewed on the Company’s website: www.gemdiamonds.com.

The page references in this announcement refer to the Half Year Report, which can be found on the Company’s website: www.gemdiamonds.com.

The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67

Gem Diamonds Limited
Susan Wallace, Company Secretarial Department

Celicourt Communications
Mark Antelme / Felicity Winkles
Tel: +44 (0) 208 434 2643

Gem Diamonds is a leading global diamond producer of high value diamonds. The Company owns 70% of the Letšeng mine in Lesotho. The Letšeng mine is famous for the production of large, top colour, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world.