Q1 2025 Trading Update
Q1 2025 production 23,578 carats sold for US$21.6m at US$1,055/carat, within guidance.
vs expectations: in line
- Carats sold 20,470 (prior 26,356)
- Total value US$21.6m (prior US$32.2m)
- US$/carat US$1,055 (prior US$1,223)
- Carats recovered 23,578 (prior 24,461)
- Highest price achieved US$26,441 per carat
- Ore tonnes treated 1,245,674 (prior 1,291,433)
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 2025 to 31 March 2025 ("Q1 2025" or the "Period").
Highlights:
- The highest price achieved in the Period was US$26 441 per carat for a 67.50 carat white diamond.
- Two diamonds sold for more than US$1.0 million each, generating aggregate revenue of US$3.5 million during the Period.
- All operational and financial metrics are trending within issued guidance for 2025.
- Post the Period, two greater than 100 carat Type I diamonds (194.52 carats and 109.95 carats) were recovered at Letšeng that will be sold in Q2 2025.
Letšeng Diamonds production summary:
During the Period, production was primarily sourced from the lower-grade, lower-value Main Pipe, with a lower contribution from the higher-grade, higher-value Satellite Pipe, in line with the 2025 mine plan.
The "Large" diamond tender in the Period was held over because of US tariff uncertainty. These goods are scheduled to be sold in Q2. Carats sold, Total value (US$ millions) and US$/carat as set out in the table below include an estimated value of these goods for comparative purposes.
| Q4 2024 | Q1 2025 | % Change | |
|---|---|---|---|
| Waste tonnes stripped | 1 037 800 | 864 672 | -17% |
| Ore tonnes treated | 1 291 433 | 1 245 674 | -4% |
| Satellite pipe contribution (tonnes) | 542 916 | 410 964 | -24% |
| Carats recovered | 24 461 | 23 578 | -4% |
| Grade recovered (cpht) | 1.9 | 1.9 | 0% |
| Carats sold | 26 356 | 20 470 | -22% |
| Total value (US$ millions) | 32.2 | 21.6 | -33% |
| US$/carat | 1 223 | 1 055 | -14% |
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.