Gem Diamonds, which has a 70% stake in the Letšeng mine in Lesotho, realised $201.9 million in revenue last year compared to $189.6 million in 2020.
Underlying EBITDA from continuing operations was $57.4 million in 2021 from $53.2 million in 2020.
It said its profit for the year from continuing operations was $31.1 million compared to $27.5 million in 2020.
“Gem Diamonds has delivered positive operational and financial results notwithstanding the continued challenges brought about by the COVID-19 pandemic on the availability of skills, equipment, spares and other aspects of the supply chain,” said company chief executive Clifford Elphick.
“…the continuing recovery of the diamond market in 2021 was evidenced by the robust prices achieved for Letšeng’s large, high-value diamonds and there was also a significant improvement in the prices achieved for smaller diamonds.”
The company realised an average value of $1 835 per carat from $1 908 in 2020 while the highest dollar per carat achieved for a white rough diamond during the year was $47 574 per carat.
Gem Diamonds also recovered 115 335 carats last year compared to 100 780 carats in 2020.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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