Q1 2026 Trading Update
Gem Diamonds Limited reported Q1 2026 trading results, with total revenue reaching US$32.1 million, including an additional US$7.0 million from a special parcel of ten large diamonds. The Letšeng mine's first export of the year achieved US$1,501 per carat for 16,727 carats sold. The company recovered two significant diamonds over 100 carats, and four individual diamonds sold for over US$1.0 million each, contributing US$9.9 million to revenue. All operational and financial metrics are trending within the 2026 guidance.
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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 2026 to 31 March 2026 ("Q1 2026" or the "Period").
Highlights:
- Letšeng's first production export of the year ("Export 1") comprised 16 727 carats that were sold during the Period, achieving a dollar per carat of US$1 501.
- Post Export 1, an additional parcel of 10 larger than 10.80 carat diamonds totalling 363 carats (including a 191.82 carat Type IIa white diamond) from the next production period was exported and sold in the Period, generating revenue of US$7.0 million. The remaining carats from this production period, which would typically have been sold in the Period, will be sold in Q2 2026.
- Total revenue achieved in the Period, including the additional parcel of 10 diamonds amounted to US$32.1 million.
- Two +100 carat diamonds were recovered in the Period, a 100.71 carat Type I faint yellow diamond that will be sold in Q2 and the 191.82 carat diamond referred to above.
- The highest price achieved in the Period was US$32 908 per carat for a 52.24 carat white diamond.
- Four diamonds sold for more than US$1.0 million each, generating aggregate revenue of US$9.9 million during the Period.
- All operational and financial metrics, including carats sold, are trending within issued guidance for 2026.
Letšeng Diamonds production summary:
During the Period, production was primarily sourced from the lower-grade, lower-value Main Pipe, with a lower contribution from the higher-grade, higher-value Satellite Pipe, in accordance with the mine plan. The table below sets out the production and Export 1 sales performance for the Period:
| Q1 2026 | Q4 2025 | % Change | |
|---|---|---|---|
| Waste tonnes stripped | 70 943 | 48 304 | 47% |
| Ore tonnes treated | 1 326 732 | 1 366 152 | (3%) |
| Satellite pipe contribution (tonnes) | 239 632 | 332 167 | (28%) |
| Carats recovered | 21 605 | 20 961 | 3% |
| Grade recovered (cpht) | 1.6 | 1.5 | 1% |
| Carats sold | 16 727* | 21 191 | (21%)** |
| Total value (US$ millions) | 25.1* | 27.3 | (8%) |
| US$/carat | 1 501* | 1 288 | 17% |
* Excluding the additional parcel of 10 large diamonds (363 carats) that were also sold in Q1 2026 to avoid distorting the run-of-mine average dollar per carat achieved.
** The 21% negative variance is as a result of carats carried over to be sold in Q2 2026.
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.