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Gem's third-quarter output rises, but sales fall on market challenges

The Letšeng mine is renowned for its production of large, top colour, exceptional white diamonds

The Letšeng mine is renowned for its production of large, top colour, exceptional white diamonds

1st November 2023

By: Creamer Media Reporter

     

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London-listed Gem Diamonds achieved an 18% quarter-on-quarter increase in production for the quarter ended September 30, with 26 913 ct recovered.

The company, which owns and operates the Letšeng mine, in Lesotho, noted in a trading update for the quarter that the rough diamond market had experienced a downturn this year.

"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," it said in the November 1 trading update.

The volume of carats sold decreased by 10% quarter-on-quarter to 23 955 ct, while the achieved price decreased by 1% quarter-on-quarter to $1 310/ct.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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