Gem Diamonds has unearthed a noteworthy 295-carat rough diamond from its Letšeng mine in Lesotho, marking the first over 100 carats discovered this year. This early-year find is a significant boost for the mining company, especially as Letšeng's production of such high-quality rough diamonds exceeding 100 carats has seen a recent decline. In 2022 and the previous year, Gem Diamonds recovered only four diamonds in this category, contrasting with six in 2021 and 16 in 2020. Despite this, Gem Diamonds earned recognition in our 2023 roundup for a notable 163.91-carat yellow diamond retrieved in July.
The diminishing number of larger stones has impacted the company's revenue, with sales experiencing a 45% year-on-year decline to $31.4 million in the third quarter ending September 30, 2023, accompanied by a 35% decrease in the average price to $1,310 per carat. The company is set to disclose its full-year results in March.
