Gem Diamonds Revenue Rises 32% to $59.7 Million as Letšeng Diamond Prices Strengthen
London-listed Gem Diamonds significantly improved its financial performance in the first half of 2026, supported by stronger diamond prices and improved product quality at its Letšeng mine in Lesotho.
Revenue for the six months ended June 30 increased 32% to $59.7 million, compared with $45.4 million in the first half of 2025.
The average diamond price rose to $1,395 per carat, from $1,008 per carat a year earlier.
The stronger revenue helped the company return to profitability. Underlying EBITDA increased to $8.6 million, compared with a $2.6 million loss in H1 2025, while attributable profit reached $0.6 million, reversing an $11.7 million loss in the prior-year period.
Letšeng Drives Recovery
The improvement was achieved despite a 4% decline in carats sold. Gem Diamonds said higher-quality diamonds and stronger prices more than offset lower sales volumes and a reduced contribution from higher-value Satellite Pipe ore.
Letšeng processed 2.6 million tonnes of ore, compared with 2.5 million tonnes in H1 2025, recovering 41,695 carats.
The mine also continued to produce high-value stones. During the period, Gem Diamonds achieved its highest price of $32,908 per carat for a 52.24-carat white diamond.
Balance Sheet Strengthens
Gem Diamonds ended June with $20.2 million in cash, up sharply from $3.8 million at the end of 2025.
Net debt fell to just $0.5 million, compared with $20.1 million at the end of December.
The improved results mark a significant recovery for the company following a difficult 2025, when weaker rough-diamond market conditions contributed to a substantial loss.
For Gem Diamonds, the first-half performance highlights the importance of diamond quality and pricing at Letšeng, one of the world’s highest-value diamond mines, as the company works to strengthen its financial position amid challenging conditions in the global rough-diamond market.
