Gem Diamonds’ (LSE: GEMD) posted $32.1 million in revenue for the quarter ended March 31, driven by sales of large high-value diamonds despite lower overall carat sales.
The Africa-focused miner said Wednesday its first export sale of the year totalled 16,727 carats at an average price of $1,501 per carat, up 17% from the previous quarter.
Gem also sold an additional parcel of 10 diamonds larger than 10.8 carats, including a 191.82-carat Type IIa white diamond, generating $7 million in revenue during the period. The remaining production from that parcel will be sold in the second quarter.
“Large exceptional diamonds continue to underpin Letšeng’s value proposition,” the company said, highlighting that four stones sold for more than $1 million each and generated a combined $9.9 million in revenue.
Shares in Gem Diamonds have gained 35% this year to 4.1 pence apiece in London, valuing the company at £6.38 million ($8.56 million).
Further finds
Gem Diamond also recovered two stones larger than 100 carats during the period, including a 191.82-carat stone and a 100.71-carat faint yellow diamond scheduled for sale in the second quarter.
The highest price achieved during the quarter was $32,908 per carat for a 52.24-carat white diamond.
Production at the company’s flagship Letšeng mine in Lesotho was weighted toward the lower-grade Main Pipe, in line with the mine plan, reducing contribution from the higher-value Satellite Pipe.
Ore treated slipped 3% quarter-on-quarter to 1.33 million tonnes, while carats recovered rose 3% to 21,605. Carats sold fell 21% to 16,727 because some production was deferred into the second quarter.
The results suggest Letšeng continues to benefit from demand for rare large diamonds even as the broader diamond sector faces weaker pricing and cautious consumer spending. Gem said all operational and financial metrics remain within its 2026 guidance.
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