Q1 2024 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 January 2024 to 31 March 2024 ("Q1 2024" or the "Period").
Highlights:
- The highest price achieved in the Period was US$39 345 per carat for a 113.11 carat white diamond.
- 5 diamonds sold for more than US$1.0 million each, generating revenue of US$18.6 million during the Period.
- Three greater than 100 carat diamonds were recovered and sold during the Period.
- Post period end a 169.15 carat white type II diamond was recovered.
- All operational and financial metrics are trending within market expectations for 2024.
Letšeng Diamonds production summary:
| Q1 2024 | Q4 2023 | % Change | |
|---|---|---|---|
| Waste tonnes stripped | 1 690 588 | 1 572 830 | 7% |
| Ore tonnes treated | 1 312 937 | 1 323 428 | -1% |
| Satellite pipe contribution (tonnes) | 603 732 | 849 031 | -29% |
| Carats recovered | 30 506 | 32 142 | -5% |
| Grade recovered (cpht) | 2.32 | 2.43 | -5% |
| Carats sold | 32 571 | 28 402 | 15% |
| Total value (US$ millions) | 43.0 | 36.4 | 18% |
| Achieved US$/carat | 1 321 | 1 281 | 3% |
The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67.
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