REG - Gem Diamonds Limited - Q1 2026 Trading Update

Gem DiamondsAnnouncement

20/05/2026 07:00

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RNS Number : 9802E  Gem Diamonds Limited  20 May 2026

20 May
2026

 

GEM DIAMONDS LIMITED

Q1 2026 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 2026 to 31 March 2026 ("Q1
2026" or the "Period").

 

Highlights:

·      Letšeng's first production export of the year ("Export 1")
comprised 16 727 carats that were sold during the Period, achieving a dollar
per carat of US$1 501.

·      Post Export 1, an additional parcel of 10 larger than 10.80 carat
diamonds totalling 363 carats (including a 191.82 carat Type IIa white
diamond) from the next production period was exported and sold in the Period,
generating revenue of US$7.0 million. The remaining carats from this
production period, which would typically have been sold in the Period, will be
sold in Q2 2026.

·     Total revenue achieved in the Period, including the additional
parcel of 10 diamonds amounted to US$32.1 million.

·     Two +100 carat diamonds were recovered in the Period, a 100.71 carat
Type I faint yellow diamond that will be sold in Q2 and the 191.82 carat
diamond referred to above.

·     The highest price achieved in the Period was US$32 908 per carat
for a 52.24 carat white diamond.

·      Four diamonds sold for more than US$1.0 million each, generating
aggregate revenue of US$9.9 million during the Period.

·     All operational and financial metrics, including carats sold, are
trending within issued guidance for 2026.

Letšeng Diamonds production summary:

During the Period, 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 mine plan. The table below
sets out the production and Export 1 sales performance for the Period:

 

                                       Q1 2026     Q4 2025    %

                                                              Change
 Waste tonnes stripped                 70 943      48 304     47%
 Ore tonnes treated                    1 326 732   1 366 152  (3%)
 Satellite pipe contribution (tonnes)  239 632     332 167    (28%)
 Carats recovered                      21 605      20 961     3%
 Grade recovered (cpht)                1.6         1.5        1%
 Carats sold                           16 727*     21 191     (21%)**
 Total value (US$ millions)            25.1*       27.3       (8%)
 US$/carat                             1 501*      1 288      17%

* Excluding the additional parcel of 10 large diamonds (363 carats) that were
also sold in Q1 2026 to avoid distorting the run-of-mine average dollar per
carat achieved.

** The 21% negative variance is as a result of carats carried over to be sold
in Q2 2026.

 

FOR FURTHER INFORMATION:

 

Gem Diamonds Limited

Kiki Constantopoulos, Company Secretary

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

 

Celicourt Communications

Mark Antelme / Charles
Denley-Meyerson

Tel: +44 (0) 20 777 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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