Q3 2023 Trading Update
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Gem Diamonds Limited (LSE: GEMD) ("Gem Diamonds" or the "Company" or the "Group") provides the following Trading Update detailing the Group's operational and sales performance from 1 July 2023 to 30 September 2023 ("Q3 2023" or the "Period").
Highlights:
- The highest price achieved during the Period for a white 58.71 carat Type IIa diamond was US$36 399 per carat and US$67 853 per carat for a 5.96 carat pink diamond.
- Four diamonds sold for more than US$1.0 million each, generating revenue of US$6.1 million during the Period.
- One diamond greater than 100 carats was recovered during the Period and another one in October 2023. Both these diamonds will be sold in Q4 2023.
- Letšeng Diamonds production summary:
| Q2 2023 | Q3 2023 | % Change | YTD 2023 | |
|---|---|---|---|---|
| Waste tonnes stripped | 2 309 141 | 2 422 117 | 5% | 7 268 797 |
| Ore tonnes treated | 1 149 754 | 1 233 987 | 7% | 3 701 237 |
| Satellite pipe contribution (tonnes) | 613 416 | 850 013 | 39% | 2 120 608 |
| Carats recovered | 22 857 | 26 913 | 18% | 77 513 |
| Grade recovered (cpht) | 1.99 | 2.18 | 10% | 2.09 |
| Carats sold | 26 476 | 23 955 | -10% | 76 118 |
| Total value (US$ millions) | 34.9 | 31.4 | -10% | 103 |
| Achieved US$/carat | 1 317 | 1 310 | -1% | 1 353 |
Diamond market:
As has been well documented the global rough diamond market has experienced a downturn in 2023. 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.
The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67.
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