Q3 2024 Trading Update
Gem Diamonds Limited (LSE: GEMD) ("Gem Diamonds" or the "Company" or the "Group") provides the following Trading Update detailing the Group’s operational and sales performance from 1 July 2024 to 30 September 2024 ("Q3 2024" or the "Period").
Highlights:
- The highest price achieved in the Period was US$45 537 per carat for a 10.98 carat pink diamond.
- 26 617 carats were sold during the Period (Q2 2024: 24 422 carats), generating revenue of US$42.7 million (Q2 2024: US$34.8 million) and achieving an average price of US$1 603 per carat (Q2 2024: US$1 424 per carat).
- Six diamonds sold for more than US$1.0 million each, contributing US$22.6 million to the revenue for the Period. • Five greater than 100 carat diamonds were recovered during the Period bringing the total year to date recoveries of greater than 100 carat diamonds to 13.
- Carats recovered during the Period were 24 678 (Q2 2024: 25 366). • Four greater than 100 carat diamonds were sold during the Period.
- All operational and financial metrics are trending within the revised guidance issued for 2024.
Letšeng Diamonds production summary:
| Q2 2024 |
Q3 2024 |
2024 YTD |
|
| Waste tonnes stripped | 1 472 888 | 1 219 291 | 4 382 767 |
| Ore tonnes treated | 1 229 177 | 1 185 192 | 3 727 306 |
| Satellite pipe contribution (tonnes) | 506 916 | 535 890 | 1 646 538 |
| Carats recovered | 25 366 | 24 678 | 80 550 |
| Grade recovered (cpht) | 2.06 | 2.08 | 2.16 |
| Carats sold | 24 422 | 26 617 | 83 610 |
| Total value (US$ millions) | 34.8 | 42.7 | 120.5 |
| Achieved US$/carat | 1 424 | 1 603 | 1 441 |
FOR FURTHER INFORMATION:
Gem Diamonds Limited
Kiki Constantopoulos, Company Secretary
ir@gemdiamonds.com
Celicourt Communications
Mark Antelme / Felicity Winkles
Tel: +44 (0) 20 770 6424
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67.
ABOUT GEM DIAMONDS:
Gem Diamonds is a leading global diamond producer of large high value diamonds. The Company owns 70% of the Letšeng mine in Lesotho and 100% share of the Ghaghoo mine in Botswana. The Letšeng mine is famous for the production of large, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world. www.gemdiamonds.com