Gem Diamonds reported a revenue increase for Q3, driven by the sale of more large diamonds, which boosted the average price per carat.
Revenue from the company’s Letšeng mine in Lesotho surged 36% year-over-year to $42.7 million for the three months ending September 30.
Sales volume rose 11% to 26,617 carats, while the average price per carat climbed 22% to $1,603. Revenue also improved by 9% from the previous quarter, with the average price up 13%.
In this period, Gem Diamonds sold six diamonds exceeding $1 million each, bringing in $22.6 million, a significant jump from the $6.1 million earned from four similar stones a year prior. The highest-priced sale was a 10.98-carat pink diamond, fetching $45,537 per carat.
Despite strong sales, production slipped 8% to 24,678 carats for the quarter. However, the company recovered five stones over 100 carats, bringing the year-to-date total to 13 diamonds of this size.
For the first nine months of 2024, revenue rose 17% to $120.5 million. Sales volume increased 10% to 83,610 carats, with the average price per carat up 7% to $1,441. Production also saw a 3.9% rise, totaling 80,550 carats from January to September.
