London-listed Gem Diamonds, which operates the Letšeng mine, in Lesotho, recovered 19 299 ct of diamonds and sold 17 899 ct during the third quarter ended September 30, generating revenue of $34.8-million and achieving an average price of $1 945/ct.

While lower than the 22 268 ct recovered and the 22 830 ct sold in the same period last year, Gem Diamonds says the group is positively revising its full-year guidance following a strong operational performance and cost-containment efforts.

The company has revised its guidance for carats recovered this year from between an initial 75 000 ct and 78 000 ct to between 78 000 ct and 80 000 ct. It also increased its guidance for carats sold from between 77 000 ct and 80 000 ct to between 79 000 and 81 000 ct.

In its latest trading update, the diamond miner noted that three ‘special’ diamonds – weighing more than 100 ct each – were recovered during the third quarter. This brings the year-to-date total for ‘special’ diamonds to six.

Further, during the third quarter Gem Diamonds sold two of these ‘special’ diamonds, including the 347 ct Lesotho Jubilee white Type II diamond recovered in the second quarter of the year.

Four other diamonds sold for more than $1-million each, contributing $22.2-million to revenue for the period.

Gem Diamonds CEO Clifford Elphick says the sales of Letšeng’s rough diamonds in September achieved good prices, with results further supported by the sale of the exceptional 347 ct Lesotho Jubilee.

“These results are encouraging indicators that demand and prices for Letšeng quality diamonds are firm,” he says.

In line with the mine plan, the company explains that production at the Letšeng mine during the period was sourced from the main pipe with only 7 143 t of the remaining ore from the current satellite pit cutback processed. Preparations continue for the next cutback in the satellite pipe.

As reported in its 2026 half-year report, the company says Letšeng Diamonds was granted a royalty remission up to the end of September.

Post-period, the company notes that the government of Lesotho approved a variable royalty rate of between 3% and 6%, to be determined on the six-monthly average dollar per carat. This is effective for sales post October 1.

Additionally, Gem Diamonds says the group’s revolving credit facilities expire on December 21. The diamond miner says the renewal of the facilities is progressing and commercial terms and conditions are currently being finalised with Nedbank and Standard Bank.

“The agreement by the Lesotho government to introduce a variable royalty rate of between 3% and 6% is a good policy decision ensuring the long-term sustainability of the mine. We value the continued support of our funders, Nedbank and Standard Bank, as we progress the refinancing of our debt facilities,” says Elphick.