REG - Gem Diamonds Limited - H1 2024 Trading Update

Gem DiamondsAnnouncement

13/08/2024 07:00

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RNS Number : 1614A  Gem Diamonds Limited  13 August 2024

13 August 2024
 

 

GEM DIAMONDS LIMITED

H1 2024 Trading Update

Gem Diamonds Limited (LSE: GEMD) ("Gem Diamonds" or the "Company" or the
"Group") provides the following Trading Update detailing the Group's
operational and sales performance from 1 January 2024 to 30 June 2024 ("H1
2024" or the "Period").

Highlights:

·    56 944 carats were sold during the Period (H1 2023: 52 163 carats),
generating revenue of US$77.9 million (H1 2023: US$71.6 million) and achieving
an average price of US$1 366 per carat (H1 2023: US$1 373 per carat).

·    Carats recovered during the Period were 55 873 (H1 2023: 50 601).

·    The highest price achieved in the Period was US$41 007 per carat for
a 62.78 carat white diamond.

·    11 diamonds sold for more than US$1.0 million each, generating
revenue of US$29.5 million during the Period.

·    Eight greater than 100 carat diamonds were recovered during the
Period of which six were sold in the period. Post period end, a 145 carat type
II white diamond was recovered bringing the total recoveries of greater than
100 carats to nine for the current year.

·    All operational and financial metrics are trending within the
original guidance issued in March for 2024.

Letšeng Diamonds production summary:

 

                                       H1           H1          %

                                        2024         2023       Change
 Waste tonnes stripped                 3 163 476    4 846 680   -35%
 Ore tonnes treated                    2 542 114    2 467 250   3%
 Satellite pipe contribution (tonnes)  1 110 647    1 269 987   -13%
 Carats recovered                      55 873       50 601      10%
 Grade recovered (cpht)                2.20         2.05        7%
 Carats sold                           56 944       52 163      9%
 Total value (US$ millions)            77.9         71.6        9%
 Achieved US$/carat                    1 366        1 373       0%

FOR FURTHER INFORMATION:

 

Gem Diamonds Limited

Kiki Constantopoulos, Company Secretary

ir@gemdiamonds.com (mailto:ir@gemdiamonds.com)

 

Celicourt Communications

Mark Antelme / Felicity
Winkles

Tel: +44 (0) 20 770 6424

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.

ABOUT GEM DIAMONDS:

Gem Diamonds is a leading global 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, exceptional white

diamonds, making it the highest dollar per carat kimberlite diamond mine in
the world.

www.gemdiamonds.com (http://www.gemdiamonds.com)

 

 

 

 

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