Gem Diamonds Earns $32.1 Million as High-Value Letšeng Diamonds Boost Quarterly Performance
Diamond producer Gem Diamonds reported revenue of $32.1 million for the quarter ended March 31, supported by the sale of several large, high-value diamonds recovered from its Letšeng Mine operation in Lesotho.
During the quarter, production was largely sourced from the mine’s lower-grade and lower-value main pipe, with a smaller contribution from the higher-grade satellite pipe, in line with the Letšeng mine plan.
The highest price achieved during the quarter was $32,908 per carat for a 52.24-carat white diamond.
In total, four diamonds sold for more than $1 million each, generating combined revenue of $9.9 million.
Gem Diamonds also recovered two exceptional stones weighing more than 100 carats during the quarter a 100.71-carat Type II faint yellow diamond and a 191.82-carat white diamond. Both stones are scheduled for sale during the quarter ending June 30.
Waste stripping activities increased significantly to 70,943 tonnes, compared with 48,304 tonnes in the fourth quarter of 2025.
However, ore treated declined slightly to 1.33 million tonnes from 1.37 million tonnes in the previous quarter.
Carats sold decreased to 16,727 carats, while total sales value declined by 8% to $25.1 million, reflecting lower sales volumes despite stronger market pricing. Average realised prices increased by 17% year-on-year to $1,501 per carat.
In addition to the initial exports of 16,727 carats, the company sold another parcel consisting of ten diamonds weighing more than 10.8 carats each, with a combined weight of 363 carats. The parcel generated revenue of $7 million during the March quarter.
The company stated that all operational and financial indicators, including carats sold, remain on track to meet its full-year 2026 guidance.
