Gem Diamonds has experienced a remarkable recovery this year, unearthing 13 diamonds weighing over 100 carats. This figure exceeds the historical average of eight large diamonds. Most of these significant finds came from the Letseng mine in Lesotho, known for its high-value stones.
In the recent quarter, Gem Diamonds set a record by selling a stunning 10.98-carat pink diamond for $45,537 per carat. While the company sold a total of 26,617 carats—an 11% decrease from the previous year—the average price per carat rose by 18%, reaching $1,603.
During this period, six diamonds sold for over $1 million each, contributing a total of $22.6 million to the company’s revenue. The quarter also saw the recovery of five additional diamonds weighing over 100 carats.
Gem Diamonds holds a 70% stake in the Letseng mine, which, alongside the Lesotho government, remains the highest dollar-per-carat kimberlite diamond mine in the world.
Overall, year-to-date sales for 2024 have reached $120.5 million, up from $103 million at the same point last year. This trend indicates a positive trajectory for the company.
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