According to its Full Year 2024 Results released in March, the UK-based miner recorded a 10 per cent revenue increase to $154.2 million. This growth was primarily driven by the sale of 13 diamonds exceeding 100 carats from its Letseng mine in Lesotho.
Underlying EBITDA nearly doubled, reaching $29.7 million, while annual profits surged from $1.6 million to $8.1 million.
Among the standout sales were an 11-carat pink diamond, fetching $45,537 per carat, a 63-carat Type IIa white diamond that achieved the year’s highest per-carat price of $41,007, and a 113-carat Type IIa white diamond, which sold for $39,345 per carat.
Despite these successes, the total number of carats recovered during the year declined by 4 per cent to 105,012.
CEO Clifford Elphick acknowledged the challenging conditions within the diamond industry, citing continued downward pressure on rough and polished diamond prices. “Our relentless focus on cost containment, operational efficiencies, and strategic capital allocation has delivered strong results,” he stated.
Looking ahead, Gem Diamonds anticipates market conditions to remain tough but is cautiously optimistic about a modest recovery in diamond prices over the coming year.
