Gem Diamonds produced 109 656 carats at its 70%-owned Letšeng Mine in Lesotho last year, compared to 106 704 carats in 2022.
It said ore treated was 5 million tonnes in 2023 from 5.5 million tonnes, a year earlier.
Gem Diamonds said the pressure experienced on the diamond market significantly impacted rough and polished diamond prices, which resulted in a 26% decrease in revenue to $140.3 million last year from $188.9 million in 2022.
It achieved an average value of $1,334 per carat in 2023, up from $1,755 in 2022.
Gem Diamonds said the highest dollar per carat achieved for a white rough diamond during the year was $36,399 per carat.
“2023 was a challenging year globally with surging inflation and interest rate increases in major economies, two international conflicts, and a subdued overall global economic outlook, which had a significant negative impact on the diamond industry,” said Gem Diamonds chief executive Clifford Elphick.
“Our financial results suffered primarily as a result of a decrease in revenue because of lower diamond prices. We have relentlessly focused on cost control measures, enhanced operational efficiencies, rigorous evaluation of capital projects, and the deferment of non-essential longer-term projects.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
