Gem Produces Another 100+ Diamonds at Letšeng Mine

Gem Diamonds has extracted a 129.71-carat white Type II diamond from the Letšeng mine, in which it holds a 70% stake, as reported by Rough&Polished. This is the tenth diamond weighing 100 carats or more that Gem has produced at the Letšeng mine so far this year. The latest discovery was made on August 3rd, when a 145.55-carat white Type II diamond was uncovered.

In the six months ending June 30, Gem extracted eight diamonds weighing 100 carats or more at the Letšeng mine, matching the total number of large diamonds produced there throughout 2023. These discoveries contributed to an 8.6% year-on-year increase in Gem’s revenue, which totaled $78 million in the first half of 2024.

According to Gem CEO Clifford Elphick, “The pressure on the global diamond market persists, negatively impacting revenue during the period. However, we have achieved significant success in improving our operational outputs and cost containment, which has mitigated the market’s effect on diamond prices. In light of the improved performance, we have revised our guidance for 2024,” as reported by IDEX Online.

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