Half Year 2026 Results
Gem Diamonds Limited (LSE: GEMD) (“Gem Diamonds”, the “Company” or the “Group”) announces its Half Year Results for the six months ended 30 June 2026 (the “Period”).
FINANCIAL RESULTS:
- Revenue of US$59.7 million (H1 2025: US$45.4 million)
- Underlying EBITDA of US$8.6 million (H1 2025: negative underlying EBITDA of US$2.6 million)
- Attributable profit of US$0.6 million (H1 2025: attributable loss of US$11.7 million)
- Earnings per share of 0.5 US cents (H1 2025: loss per share of 8.4 US cents)
- Cash on hand of US$20.2 million (31 December 2025: US$3.8 million) and unutilised facilities of US$69.9 million
- Net debt of US$0.5 million (31 December 2025: US$20.1 million)
OPERATIONAL RESULTS:
Letšeng
- Zero fatalities and one lost time injury
- Ore treated of 2.6 million tonnes (H1 2025: 2.5 million tonnes)
- Recovered 41 695 carats (H1 2025: 47 125 carats)
- Waste tonnes mined of 0.3 million tonnes (H1 2025: 1.7 million tonnes)
- Average price of US$1 395 per carat achieved (H1 2025: US$1 008 per carat)
- The highest dollar per carat achieved for a white rough diamond during the Period was US$32 908 per carat
Safety performance
Letšeng recorded one LTI during the Period (H1 2025: zero), resulting in a LTIFR of 0.17 (H1 2025: zero) and an AIFR of 0.50 (H1 2025: 0.51).
Financial performance
Revenue increased by 32% to US$59.7 million compared to US$45.4 million in H1 2025. An average price of US$1 395 per carat was achieved (H1 2025: US$1 008 per carat). The increased revenue together with the cost containment initiatives implemented in July 2025 and the extended royalty relief, resulted in an improved underlying EBITDA of US$8.6 million (H1 2025: negative underlying EBITDA of US$2.6 million). The Group’s net debt position improved by US$19.6 million to US$0.5 million from 31 December 2025: US$20.1 million.
Revolving credit facilities
The Group’s revolving credit facilities expire in December 2026. Discussions with lenders regarding the renewal or extension of these facilities are underway.
Production performance
Ore tonnes treated were 2.6 million (H1 2025: 2.5 million) and waste mining decreased by 82% to 0.3 million tonnes compared to 1.7 million tonnes in H1 2025. Production volumes are in line with Letšeng’s planned production and long-term mine plan to maintain annual ore throughput of c. 5.0 million tonnes.
The Company’s production and cost forecasts for FY2026 remain in line with guidance.
Commenting on the results today, Clifford Elphick, Chief Executive Officer of Gem Diamonds, said:
“We are pleased to report a significantly improved financial performance in H1 2026 compared to the same period last year. Revenue increased by 32%, supported by improved production quality and stronger prices achieved.
The structural cost measures implemented in July 2025, as well as the extension of Letšeng's royalty relief, are delivering tangible results. Together, these initiatives have materially reduced our cost base as we navigate the challenging global diamond market.”
The Company will host a live audio webcast presentation of the half year results today, 3 September 2026, at 9:30 BST. This can be viewed by registering on the Company’s website using the following link: Gem Diamonds Half-year Results 2026.
The page references in this announcement refer to the Half Year Report 2026, which can be found on the Company’s website: www.gemdiamonds.com.
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.
For further information:
Gem Diamonds Limited
Kiki Constantopoulos, Company Secretary
ir@gemdiamonds.com
Celicourt Communications
Mark Antelme / Charles Denley-Myerson
Tel: +44 (0) 203 043 0280
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