Gem Diamonds, which has a 70% stake in the Letšeng mine in Lesotho, sold 23, 955 carats for $31.4 million in the third quarter of 2023, a 10% drop compared to $34.9 million realised from 26, 476 carats sold a year earlier.
It recorded an average price per carat of $1,310 during the quarter, up from the previous year’s $1,317.
Gem said the highest price achieved during the period for a white 58.71-carat Type IIa diamond was $36 399 per carat and $67 853 per carat for a 5.96-carat pink diamond.
It said four diamonds were sold for more than $1 million each, generating revenue of $6.1 million during the period.
Meanwhile, Gem said one diamond greater than 100 carats was recovered during the quarter and another in October, which fell under the fourth quarter.
It said a decrease in the number of large, high-value diamonds recovered, combined with the ongoing market pressure has negatively impacted the average dollar per carat and revenue achieved during the period.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished