Letšeng Mine in Lesotho Sees Sharp Revenue Decline Amid Global Diamond Market Challenges
The Letšeng diamond mine in Lesotho, known for producing some of the world’s highest-value diamonds per carat, experienced a significant revenue decline in 2025.
Gem Diamonds, the mine’s owner, reported on February 4, 2026, that Letšeng generated $97.7 million, down 36% from $152.8 million in 2024.
The drop is attributed to a 14% fall in production and a 20% decrease in the average price per carat, which fell from $1,390 in 2024 to $1,105 in 2025.
Exceptional large stones, which had previously driven high revenues, were also fewer: only two diamonds over 100 carats were sold in 2025, compared to four in the prior year.
Additionally, six diamonds sold for over $1 million each, generating $9.2 million in total, compared with $11.6 million in 2024 for the same number of stones.
Gem Diamonds noted that the downturn reflects broader challenges in the natural diamond market, including growing competition from synthetic diamonds, which have impacted demand and pricing.
Despite the revenue decline, the company confirmed it met its production and sales targets for fiscal year 2025. Forecasts for 2026 have not yet been released.
