Gem Diamonds Ltd - diamond miner in Lesotho and Botswana - Sells 23,955 carats of diamonds in the third quarter of the year, down 10% from 26,476 in the second quarter. The diamonds are sold at an average price of USD1,310 per carat, down slightly from USD1,317 the quarter before. As a result, sales value is USD31.4 million, down 10% from USD34.9 million in the second quarter. Four diamonds are sold for more than USD1 million each during the recent quarter, accounting for USD6.1 million of the total sales.
"As has been well documented the global rough diamond market has experienced a downturn in 2023," Gem comments. "A decrease in the number of large, high-value diamonds recovered, combined with this market pressure have negatively impacted the average dollar per carat and revenue achieved during the period."
More positively, production rises to 26,913 carats recovered in the third quarter from 22,857 in the second.
Current stock price: 11.00 pence
12-month change: down 62%
By Tom Waite, Alliance News editor
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Gem Diamonds Di (GEMD)