Gem Diamonds Di Share News (GEMD)

(Sharecast News) - Gem Diamonds reported solid operational and sales results for the first half on Tuesday, with growth in both carat sales and revenue.

The London-listed firm said that for the six months ended 30 June, it sold 56,944 carats, up from 52,163 carats in the same period last year, generating revenue of $77.9m, a 9% increase from $71.6m year-on-year.

It said the average price per carat achieved was $1,366, slightly below the $1,373 per carat achieved in the first half of 2023.

Gem Diamonds also reported a successful recovery of 55,873 carats, up from 50,601 carats in the first six months of 2023.

Among the highlights, the highest price per carat was $41,007, achieved for a 62.78-carat white diamond.

Additionally, 11 diamonds were sold for over $1m each, contributing $29.5m to overall revenue.

The company also highlighted the recovery of eight diamonds exceeding 100 carats during the period, six of which were sold.

Notably, a 145-carat type two white diamond was recovered after the period ended, bringing the total number of 100-carat-plus diamonds recovered in 2024 to nine.

Gem Diamonds said all operational and financial metrics were in line with the original guidance it provided in March.

At 1149 BST, shares in Gem Diamonds were down 2.29% at 13.02p.

Reporting by Josh White for Sharecast.com.