REG - Gem Diamonds Limited - Q3 2024 Trading Update

Gem DiamondsAnnouncement

23/10/2024 07:00

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RNS Number : 1926J  Gem Diamonds Limited  23 October 2024

23 October 2024
 
 

 

GEM DIAMONDS LIMITED

Q3 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 July 2024 to 30 September 2024 ("Q3
2024" or the "Period").

Highlights:

·    The highest price achieved in the Period was US$45 537 per carat for
a 10.98 carat pink diamond.

·    26 617 carats were sold during the Period (Q2 2024: 24 422 carats),
generating revenue of US$42.7 million (Q2 2024: US$34.8 million) and achieving
an average price of US$1 603 per carat (Q2 2024: US$1 424 per carat).

·    Six diamonds sold for more than US$1.0 million each, contributing
US$22.6 million to the revenue for the Period.

·    Five greater than 100 carat diamonds were recovered during the Period
bringing the total year to date recoveries of greater than 100 carat diamonds
to 13.

·    Carats recovered during the Period were 24 678 (Q2 2024: 25 366).

·    Four greater than 100 carat diamonds were sold during the Period.

·    All operational and financial metrics are trending within the revised
guidance issued for 2024.

Letšeng Diamonds production summary:

 

                                       Q2           Q3             2024

                                        2024         2024          YTD
 Waste tonnes stripped                 1 472 888     1 219 291     4 382 767
 Ore tonnes treated                    1 229 177    1 185 192      3 727 306
 Satellite pipe contribution (tonnes)  506 916      535 890        1 646 538
 Carats recovered                      25 366       24 678         80 550
 Grade recovered (cpht)                2.06         2.08           2.16
 Carats sold                           24 422       26 617         83 610
 Total value (US$ millions)            34.8         42.7           120.5
 Achieved US$/carat                    1 424        1 603          1 441

 

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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