Gem Diamonds experienced a notable increase in sales from its Letšeng mine in Lesotho during the first half of the year, driven by the sale of larger diamonds.
In the six months ending June 30, rough diamond sales rose by 9% year-on-year to $77.9 million, with sales volume also up 9%, reaching 56,944 carats, the company reported on Tuesday. The average price per carat remained steady at $1,366.
A highlight of the period was the sale of 11 diamonds, each fetching more than $1 million, contributing a total of $29.5 million to revenue. The highest price achieved was $41,007 per carat for a white diamond weighing 62.78 carats. The company also recovered eight rough diamonds weighing over 100 carats, six of which were sold during the period. This marked a significant increase compared to the first half of 2023 when only two diamonds of that size were recovered, with just one sold.
Production at the Letšeng mine also saw a boost, with output rising 10% year-on-year to 55,873 carats. The increase was largely attributed to a 7% improvement in the recovered grade, according to the company.
Following the reporting period, Gem Diamonds uncovered a 145.55-carat white, type II rough diamond, bringing the total number of diamonds over 100 carats recovered this year to nine. The company remains on track to meet its operational and financial targets for the full year.
