Gem Diamonds today (29 January) reported a dip in quarterly revenue but a year-on-year increase of 10 per cent, boosted by a flurry of high-value recoveries.
The UK-based miner sold $152.8m of rough in 2024, compared to $139.4m in 2023. Sales in Q4 last year were $32.2m, down almost 25 per cent on Q3.
Gem’s Letseng mine, in Lesotho, is the highest dollar per carat kimberlite diamond mine in the world.
During the year Gem sold 13 +100-cts diamonds recovered during the year, compared with just five the previous year.
The mine has averaged eight +100-cts since it started operations 17 years ago.
Six diamonds sold for more than $1m during Q4, the company said, contributing $11.6m. The highest price achieved in the quarter was $45,077 per carat for a 3.52-carat pink diamond.
Average price per carat during FY2024 was $1 ,334, a 4 per cent increase on the previous year. Th e number of carats recovered fell 4 per cent to 105,012.
Africa-focused miner Gem Diamonds has unearthed yet another massive white diamond at its prolific Letšeng mine in Lesotho, just days after another major find.
The 122.2 carat Type II white diamond was recovered over the weekend and is the eleventh greater than 100-carat precious stone mined this year at the operation, the company said.
Sign Up for the Precious Metals Digest
Type IIa diamonds are the most valued and collectable precious gemstones, as they contain either very little or no nitrogen atoms in their crystal structure.
The Letšeng mine, owned 70% by Gem Diamonds, is one of the world’s ten largest diamond operations by revenue. At 3,100 metres (10,000 feet) above sea level, it is also one of the world’s most elevated diamond mines.
The operation has a track record of producing large, exceptional white diamonds, which makes it the highest-dollar-per-carat kimberlite diamond mine in the world.
Letšeng is the world’s highest dollar per carat diamond mine.
Gem Diamonds has announced the recovery of a 123.2 carat type 11 white diamond at its Letšeng mine in Lesotho.
This is the eighth greater than 100 diamond found at the operation in 2024, the company said.
Type IIa diamonds are the most valued and collectable precious gemstones, as they contain either very little or no nitrogen atoms in their crystal structure. Boart diamonds are stones of low quality that are used in powder form as an abrasive.
The prolific Letšeng mine is one of the world’s ten largest diamond operations by revenue. At 3,100 metres (10,000 feet) above sea level, it is also one of the world’s most elevated diamond mines.
The Letšeng mine is famous for the production of large, exceptional white quality diamonds, making it the highest dollar per carat kimberlite mine in the world, Gem said.
South Africa’s Petra Diamonds has found a 100.83 carat gem quality diamond at its iconic Cullinan mine in South Africa.
The D colour, Type II diamond follows the recent recovery of a 6.12 carat Type II blue stone, also at Cullinan.
The company has piled up debt after building a new plant and digging deeper at its flagship Cullinan diamond mine.“The recoveries demonstrate the prevalence of these types of stones in the Cullinan orebody as well as the ability of the mine’s plant to recover the full spectrum of diamonds,” Petra said.
The company, which appointed last month former gold miner Richard Duffy as chief executive, said that both stones would be included in its upcoming March tender.
Shares climbed as much as 10.5% after the announcement, closing at 21.2p in London on Friday.
Petra has been seeking to turn around its fortunes after piling up debt to expand Cullinan, where the world’s biggest ever diamond was found in 1905.