Full Year 2025 Results
Gem Diamonds Limited (LSE: GEMD) (“Gem Diamonds”, the “Company” or the “Group”) announces its audited Full Year Results for the year ending 31 December 2025 (the “Period”).
Gem Diamonds also announces that its Annual Report and Accounts 2025 (which includes the Report on Payments to Governments) and Sustainability Report 2025 have been published and are available to view on the Group website at https://www.gemdiamonds.com/results-reports-presentations.php.
The Annual General Meeting (AGM) is scheduled for 3 June 2026 and the Notice of AGM will be published on the Company’s website in due course.
FINANCIAL RESULTS:
- Revenue of US$98.4 million (US$154.2 million in 2024)
- Underlying EBITDA of US$3.9 million (US$29.7 million in 2024)
- Loss for the year before exceptional items of US$9.1 million (profit of US$8.1 million in 2024)
- Attributable loss after exceptional items of US$104.0 million (loss of US$2.9 million in 2024) driven primarily by the US$77.5 million impairment of the Company’s carrying value in Letšeng, influenced by the prolonged downward pressure on the rough diamond market and the weakened US dollar against the Lesotho loti
- Loss per share before exceptional items of 6.1 US cents (loss per share after exceptional items of 74.4 US cents) (earnings per share of 2.1 US cents in 2024)
- Net debt of US$20.1 million as at 31 December 2025 (2024: US$7.3 million)
OPERATIONAL RESULTS:
- Carats recovered of 90 354 (105 012 carats in 2024)
- Waste tonnes mined of 2.0 million tonnes (5.4 million tonnes in 2024)
- Ore treated of 5.2 million tonnes (5.0 million tonnes in 2024)
- Average value of US$1 105 per carat achieved (US$1 390 in 2024)
- The highest dollar per carat achieved for a white rough diamond during the year was US$34 717 per carat
Commenting on the results today, Clifford Elphick, Chief Executive Officer of Gem Diamonds, said:
“The continued weakness in the diamond market required decisive action to protect the financial viability of Letšeng and the rest of the Group, which led to the launch of the Business Resilience Programme in the second half of 2025. These measures were essential to ensure that Letšeng remains a sustainable operation capable of supporting employment, communities and stakeholders over the longer term.
We are acutely aware of the human impact of these decisions and conducted the process with care, transparency and support for affected employees.
I am grateful to our management and workforce for their daily commitment to safety as reflected in our excellent safety performance for 2025.
Our focus remains on operating Letšeng in a safe and responsible manner while we navigate a challenging period with limited access to higher-value Satellite ore.
Maintaining our vital partnership with lenders remains a priority, and we aim to renew our Group facilities before they expire in December 2026.
We are confident that the measures implemented in 2025 have better equipped the Group to be well positioned for a recovery when market conditions improve.”
Safety performance
The Group maintained an excellent safety performance in 2025, achieving a record low AIFR of 0.41 (2024: 0.61). The Group had zero fatalities (2024: zero), two LTIs (2024: three) and an LTIFR of 0.14 (2024: 0.18).
Operational performance
All operational metrics were achieved in accordance with Letšeng’s short-term mine plan. The positive outcomes of operational efficiencies implemented since 2023 are clearly reflected in Letšeng’s overall operational performance in 2025.
The Group achieved its decarbonisation target of a 30% reduction of its Scope 1 and Scope 2 carbon emissions against a 2021 baseline, ahead of its 2030 target date. The Group remains committed to maintaining this achievement despite a scheduled increase in waste mining volumes from 2027, in accordance with the current mine plan.
Financial performance
The Group achieved revenue of US$98.4 million, a 36% decrease compared to 2024, driven by the pressure on the diamond market, fewer and lower quality diamonds due to the 74% ore contribution from the lower-grade Main Pipe, and a decrease in the number of greater than 100 carat diamonds that were sold. Underlying EBITDA for the Group decreased to US$3.9 million, reflecting an 87% reduction. The significant decrease in revenue of US$55.8 million was the main contributing factor, although this was offset to some extent by cost efficiencies from the Business Resilience Programme and the royalty relief provided by the Lesotho Government during H2 2025.
The Group recognised a US$77.5 million impairment of Letšeng’s carrying value which was impacted by the prolonged downward pressure on the rough diamond market and the weakened US dollar against the Lesotho loti.
Refinancing of facilities
The Group ended the year in a net debt position of US$20.1 million and available undrawn facilities of US$68.3 million. The Group’s revolving credit facilities expire in December 2026 and the formal renewal process is scheduled to commence in Q2 2026, in the ordinary course of the Group’s engagement with its lenders, to ensure the availability of these facilities beyond the expiry date.
This announcement contains selected information from the Company’s full set of Consolidated Financial Statements for the year ended 31 December 2025. Those financial statements include a material uncertainty relating to the going concern of the Group, as the renewal of the Group’s facilities fall within the 12-month going concern period. For the Company’s full set of Consolidated Financial Statements for 31 December 2025, refer to pages 99 to 155 of the Group’s Annual Report and Accounts 2025.
The page references in this announcement refer to the Annual Report and Accounts 2025 which can be found on the Company’s website: https://www.gemdiamonds.com/results-reports-presentations.php.
The Company will host a live audio webcast of the full year results today, 18 March 2026, at 9:30 GMT. If you would like to attend the webcast please register using this link: 2025 Full Year results presentation.
The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67.
For further information:
Gem Diamonds Limited
Kiki Constantopoulos, Company Secretary
ir@gemdiamonds.com
Celicourt Communications
Mark Antelme / Charles Denley-Myerson
Tel: +44 (0) 207 777 6424
About Gem Diamonds:
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. www.gemdiamonds.com