Q3 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 July 2024 to 30 September 2024 ("Q3 2024" or the "Period").
Highlights:
- The highest price achieved in the Period was US$45 537 per carat for a 10.98 carat pink diamond.
- 26 617 carats were sold during the Period (Q2 2024: 24 422 carats), generating revenue of US$42.7 million (Q2 2024: US$34.8 million) and achieving an average price of US$1 603 per carat (Q2 2024: US$1 424 per carat).
- Six diamonds sold for more than US$1.0 million each, contributing US$22.6 million to the revenue for the Period.
- Five greater than 100 carat diamonds were recovered during the Period bringing the total year to date recoveries of greater than 100 carat diamonds to 13.
- Carats recovered during the Period were 24 678 (Q2 2024: 25 366).
- Four greater than 100 carat diamonds were sold during the Period.
- All operational and financial metrics are trending within the revised guidance issued for 2024.
Letšeng Diamonds production summary:
| Q2 2024 | Q3 2024 | 2024 YTD | |
| Waste tonnes stripped | 1 472 888 | 1 219 291 | 4 382 767 |
| Ore tonnes treated | 1 229 177 | 1 185 192 | 3 727 306 |
| Satellite pipe contribution (tonnes) | 506 916 | 535 890 | 1 646 538 |
| Carats recovered | 25 366 | 24 678 | 80 550 |
| Grade recovered (cpht) | 2.06 | 2.08 | 2.16 |
| Carats sold | 24 422 | 26 617 | 83 610 |
| Total value (US$ millions) | 34.8 | 42.7 | 120.5 |
| Achieved US$/carat | 1 424 | 1 603 | 1 441 |
The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67.
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