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Gem Diamonds Reports 10% Revenue Growth, Strong Sales

Watches and Jewellery

Business Honor
31 March, 2025

Gem Diamonds sees 10% revenue growth, driven by record diamond sales and operational efficiency.

Gem Diamonds, the British mining group, recorded a 10% revenue growth to $154.2 million for its Full Year 2024 results, and supported mainly by the sale of 13 diamonds over 100 carats at its Letseng mine in Lesotho. The group's underlying EBITDA almost doubled to $29.7 million, with annual profits jumping from $1.6 million to $8.1 million, underpinning its strength amid lingering turmoil in the diamond sector.

Among the top sales of the year was an 11-carat pink diamond, which sold for $45,537 per carat. A 63-carat Type IIa white diamond also saw the highest per-carat price of the year at $41,007, and a 113-carat Type IIa white diamond sold for $39,345 per carat. These high-price sales helped to drive the company's good financial performance.

But the overall amount of carats recovered over the year fell 4% to 105,012, as the weak market conditions were expressed. CEO Clifford Elphick recognized the ongoing pressure on rough and polished diamond prices but highlighted the company's commitment to cost control, operating efficiencies, and strategic capital deployment to achieve positive outcomes in the challenging environment.

In the short term, Gem Diamonds anticipates that market conditions will continue to be tough but is optimistically hopeful of a gradual recovery in diamond prices within the coming year. The company's resilience in its financials during these challenging times well positions it for the future as it weathers the intricacies of the diamond industry.