Gem lifts third-quarter revenue on higher sales, prices

23rd October 2024 By: Creamer Media Reporter

Gem lifts third-quarter revenue on higher sales, prices

London-listed Gem Diamonds, which operates the LetÅ¡eng diamond mine in Lesotho, generated revenues of $42.7-million from the sale of 26 627 ct of diamonds in the quarter ended September 30.

This compares with the sale of 24 422 ct for revenue of $34.8-million for the second quarter, which ended June 30.

The average price achieved in the quarter was $1 603/ct, compared with an average price of $1 424/ct in the second quarter.

The highest price achieved in the quarter under review was $45 537/ct for a 10.98 ct pink diamond.

Gem points out that it sold four diamonds greater than 100 ct during the quarter under review.

To date this year, it has recovered 13 diamonds greater than 100 ct.