Gem Diamonds H1 revenue up marginally, maintains production guidance

Gem Diamonds' revenue rose 2.36% in the first half of 2022 to $99.6 million compared to $97.3 million in the second half of 2021.
The increase in revenue was due to strong demand and robust prices.
The London-listed mining company sold 57,075 carats in the first half of the year, an increase of 5% from the previous year’s 54,573 carats.
However, the average price fell to $1,745 per carat compared with $1,783, a year earlier.
"The sanctions imposed on the Russian diamond producer Alrosa have exacerbated a shortage of rough diamonds in the market, supporting continued strong demand and robust prices for Letseng's high-quality rough diamonds," said company chief executive Clifford Elphick.
Meanwhile, Gem Diamonds’ production in the first six months of the year eased 2% to 55,157 from 56,504 in the same period last year.  
Meanwhile, the company said production metrics remain on track to be achieved, although at the lower end of the original guidance published in March 2022. 
Gem Diamonds had projected an output of between 112 000 carats and 116 000 carats for the year.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished