Gem diamonds bag average value of US$1390 per carat

 

Letšeng recovers over 105 012 carats over the previous109656 carats 

Gem Diamonds Limited announces its Full Year Results for the year ending 31 December 2024. At the Financial front, 1: Revenue of US$154.2 million (US$140.3 million in 2023) & Profit for the year of US$8.1 million (US$1.6 million in 2023) are highlighted here. 

At the Operational Results of Letšeng report, 1: Carats recovered of 105 012 (109 656 carats in 2023), 2:     Waste tonnes mined of 5.4 million tonnes (8.8 million tonnes in 2023), 3: Average value of US$1 390 per carat achieved (US$1 334 in 2023). 4: The highest dollar per carat achieved for a white rough diamond during the year was US$41 007 per carat. 

The benefits of the structural changes implemented in 2023 and 2024 is evident in Letšeng's operational performance during the year. The targeted initiative to control the ore feed rate into the treatment plants resulted in a significant improvement in plant stability and an increase in overall plant utilisation to 80% in 2024 (up from 78% in 2023 and 75% in 2022).  

Letšeng's updated long-term mine plan, a key focus for 2024 was optimising Letšeng's long-term life of mine plan. A steeper open-pit concept was approved for the final cutback of the Satellite pit that will significantly reduce waste volumes, leading to an updated mine plan that was communicated to the market in December 2024.  

Commenting on the results today, Clifford Elphick, Chief Executive Officer of Gem Diamonds, said, “2024 was another challenging year for the diamond market with decreasing rough and polished diamond prices. Our relentless focus on factors within our control - cost containment, operational efficiencies and appropriate capital allocation, has yielded pleasing results.  

We are proud of our excellent safety performance in 2024 and commend our management and workforce for their daily commitment to operate safely and responsibly. Our focus now is on the safe implementation of Letšeng's updated mine plan, which will significantly reduce waste volumes. The next four years will be challenging with limited access to higher-value Satellite ore. We will continue to look for opportunities to further optimise our mine plan to ensure the profitability of our operations.  

2025 has begun with modest improvements in prices of both rough and polished diamonds. We are optimistic that this will continue throughout the year.” 





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