REG - Gem Diamonds Limited - Q3 2023 Trading Update

Gem DiamondsAnnouncement

01/11/2023 07:15

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RNS Number : 9394R  Gem Diamonds Limited  01 November 2023

1 November 2023
 
 

 

GEM DIAMONDS LIMITED

Q3 2023 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 July 2023 to 30  September 2023
("Q3 2023" or the "Period").

 

Highlights:

·    The highest price achieved during the Period for a white 58.71 carat
Type IIa diamond was US$36  399 per carat and US$67 853 per carat for a 5.96
carat pink diamond.

·    Four diamonds sold for more than US$1.0 million each, generating
revenue of US$6.1 million during the Period.

·    One diamond greater than 100 carats was recovered during the Period
and another one in October 2023. Both these diamonds will be sold in Q4 2023.

1.    Letšeng Diamonds production summary:

                                       Q2          Q3          % Change  YTD

                                       2023        2023                  2023
 Waste tonnes stripped                 2 309 141   2 422 117   5%        7 268 797
 Ore tonnes treated                    1 149 754   1 233 987   7%        3 701 237
 Satellite pipe contribution (tonnes)  613 416     850 013     39%       2 120 608
 Carats recovered                      22 857      26 913      18%       77 513
 Grade recovered (cpht)                1.99        2.18        10%       2.09
 Carats sold                           26 476      23 955      -10%      76 118
 Total value (US$ millions)            34.9        31.4        -10%      103
 Achieved US$/carat                    1 317       1 310       -1%       1 353

 

 

 

 

2.    Diamond market:

As has been well documented the global rough diamond market has experienced a
downturn in 2023. A decrease in the number of large, high-value diamonds
recovered, combined with this market pressure have negatively impacted the
average dollar per carat and revenue achieved during the Period.

 

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 diamond producer of large high value
diamonds. The Company owns 70% of the Letšeng mine in Lesotho and 100% share
of the Ghaghoo mine in Botswana. 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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