H1 2024 Trading Update
In brief · summary, not quotable
No summary for this filing – the full text is below.
Full announcement
Select text to share a quote on X · sign in to keep highlights & notes in your GEMD notes
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 30 June 2024 ("H1 2024" or the "Period").
Highlights:
- 56 944 carats were sold during the Period (H1 2023: 52 163 carats), generating revenue of US$77.9 million (H1 2023: US$71.6 million) and achieving an average price of US$1 366 per carat (H1 2023: US$1 373 per carat).
- Carats recovered during the Period were 55 873 (H1 2023: 50 601).
- The highest price achieved in the Period was US$41 007 per carat for a 62.78 carat white diamond.
- 11 diamonds sold for more than US$1.0 million each, generating revenue of US$29.5 million during the Period.
- Eight greater than 100 carat diamonds were recovered during the Period of which six were sold in the period. Post period end, a 145 carat type II white diamond was recovered bringing the total recoveries of greater than 100 carats to nine for the current year.
- All operational and financial metrics are trending within the original guidance issued in March for 2024.
Letšeng Diamonds production summary:
| H1 2024 | H1 2023 | % Change | |
|---|---|---|---|
| Waste tonnes stripped | 3 163 476 | 4 846 680 | -35% |
| Ore tonnes treated | 2 542 114 | 2 467 250 | 3% |
| Satellite pipe contribution (tonnes) | 1 110 647 | 1 269 987 | -13% |
| Carats recovered | 55 873 | 50 601 | 10% |
| Grade recovered (cpht) | 2.20 | 2.05 | 7% |
| Carats sold | 56 944 | 52 163 | 9% |
| Total value (US$ millions) | 77.9 | 71.6 | 9% |
| Achieved US$/carat | 1 366 | 1 373 | 0% |
The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.