Gem Diamonds Limited Q3 2023 Trading Update (9394R)

TIDMGEMD

RNS Number : 9394R

Gem Diamonds Limited

01 November 2023

1 November 2023

GEM DIAMONDS LIMITED

Q3 2023 Trading Update

Gem Diamonds Limited (LSE: GEMD) ("Gem Diamonds" or the "Company" or the "Group") provides the following Trading Update detailing the Group's operational and sales performance from 1 July 2023 to 30 September 2023 ("Q3 2023" or the "Period").

Highlights:

-- The highest price achieved during the Period for a white 58.71 carat Type IIa diamond was US$36 399 per carat and US$67 853 per carat for a 5.96 carat pink diamond.

-- Four diamonds sold for more than US$1.0 million each, generating revenue of US$6.1 million during the Period.

-- One diamond greater than 100 carats was recovered during the Period and another one in October 2023. Both these diamonds will be sold in Q4 2023.

   1.    Letšeng Diamonds production summary: 
 
                               Q2          Q3       % Change      YTD 
                              2023        2023                    2023 
 Waste tonnes stripped     2 309 141   2 422 117      5%       7 268 797 
                          ----------  ----------  ----------  ---------- 
 Ore tonnes treated        1 149 754   1 233 987      7%       3 701 237 
                          ----------  ----------  ----------  ---------- 
 Satellite pipe 
  contribution (tonnes)     613 416     850 013       39%      2 120 608 
                          ----------  ----------  ----------  ---------- 
 Carats recovered           22 857      26 913        18%       77 513 
                          ----------  ----------  ----------  ---------- 
 Grade recovered 
  (cpht)                     1.99        2.18         10%        2.09 
                          ----------  ----------  ----------  ---------- 
 Carats sold                26 476      23 955       -10%       76 118 
                          ----------  ----------  ----------  ---------- 
 Total value (US$ 
  millions)                  34.9        31.4        -10%         103 
                          ----------  ----------  ----------  ---------- 
 Achieved US$/carat          1 317       1 310        -1%        1 353 
                          ----------  ----------  ----------  ---------- 
 
   2.    Diamond market: 

As has been well documented the global rough diamond market has experienced a downturn in 2023. A decrease in the number of large, high-value diamonds recovered, combined with this market pressure have negatively impacted the average dollar per carat and revenue achieved during the Period.

FOR FURTHER INFORMATION:

Gem Diamonds Limited

Kiki Constantopoulos, Company Secretary

[e-mail]

Celicourt Communications

Mark Antelme / Felicity Winkles

Tel: [phone]

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67.

ABOUT GEM DIAMONDS:

Gem Diamonds is a leading global diamond producer of large high value diamonds. The Company owns 70% of the Letšeng mine in Lesotho and 100% share of the Ghaghoo mine in Botswana. The Letšeng mine is famous for the production of large, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world. www.gemdiamonds.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

STRNKDBDFBDDNKN

(END) Dow Jones Newswires

November 01, 2023 03:00 ET (07:00 GMT)