Gem Diamonds reports lower sales volumes, but higher prices for the first quarter
Diamond miner Gem Diamonds recorded revenue of $32.1-million for the quarter ended March 31, supported by the sale of large, high-value diamonds recovered at its Letšeng mine, in Lesotho.
During the quarter, production was primarily sourced from the lower-grade, lower-value main pipe, with a lower contribution from the higher-grade, higher-value satellite pipe, in accordance with the Letšeng mine plan.
The highest price achieved during this quarter was $32 908/ct for a 52.24 ct white diamond.
Further, four diamonds sold for more than $1-million each, generating aggregate revenue of $9.9-million.
Two diamonds, weighing over 100 ct each – a 100.71 ct Type One faint yellow diamond and a 191.82 ct white diamond – were recovered in the March quarter. These will be sold in the quarter to June 30.
Waste stripping increased strongly to 70 943 t from 48 304 t in the fourth quarter of 2025, but the ore tonnes treated declined slightly to 1.33-million tonnes, from 1.37-million tonnes in the previous quarter.
Carats sold decreased to 16 727 ct and the total sales value declined by 8% to $25.1-million, reflecting weaker volumes despite a stronger pricing environment, with average realised prices having been 17% higher year-on-year at $1 501/ct.
In addition to the initial exports of 16 727 ct, another parcel comprising ten diamonds each weighing more than 10.8 ct and totalling 363 ct, was sold during the March quarter, generating revenue of $7-million.
All operational and financial metrics, including carats sold, are on track to meet the 2026 full-year guidance, the company notes.
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