Gem Diamonds Reports Strong Q3 2021

Rough Market
28/10/2021 15:43

Gem Diamonds, leading producer of high-value stones, announced they recovered 23,435 carats during Q3 2021 (July-September 2021), resulting in 82,266 266 carats recovered for the year to date, an increase of 14% compared to 2020. The generated revenue in Q3 2021 amounted to US$ 47.3 million, achieving an average price of US$ 1,589 per carat.

Gem Diamonds' CEO, Clifford Elphick, commented: "During this quarter, diamonds recovered were of relatively lower quality for Letšeng's normal Run of Mine production. Notwithstanding that, prices achieved for these goods were strong reflecting the continued good demand and market prices paid for Letšeng category diamonds.

The highest price per carat achieved in Q3 2021 was US$ 88,889 per carat for a 4.41 carat light blue diamond. For a white Type IIa diamond, the highest price per carat equaled US$ 47,574 for a 65 carat diamond.

Six diamonds sold for over US$ 1.0 million each, generating revenue of US$ 12.2 million during Q3 2021, bringing the total number of diamonds sold for over US$ 1.0 million to 16 for the year to date, generating revenue of US$48.3 million.

Good prices achieved in the September tender for Letšeng's high-value diamonds reflected a continued recovery of the diamond market which was supported by strong consumer demand.

On October 18th, Gem Diamonds announced the recovery of two large high-quality Type IIa white diamonds (245 and 102 carats), which are scheduled to be sold in Q4 2021.