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Gem Diamond says price per carat drops due to soft market

Kitco Media
By Michael McCrae
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Gem Diamond says price per carat drops due to soft market teaser image

The global rough diamond market continued to experience downward pressure, said Gem Diamonds (LSE: GEMD). 

The company released its 4Q results today. 

The company said 104,520 carats were sold in FY 2023, achieving an average price of US$1,334 per carat compared to FY 2022 which saw 107,498 carats sold for US$1,755 per carat.

The number of large diamonds recovered at Letšeng were similar to that in the prior year said the company, but the decrease in prices achieved in 2023 negatively impacted overall revenue achieved during the year.

Gem Diamonds owns 70% of the Letšeng mine in Lesotho. 

 

 

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Michael McCrae

Michael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties. He was co-founder and publisher of MINING.com, an award-winning news site. Before coming to media, McCrae worked in IT and banking. Please reach out: mmccrae@kitco.com or (514) 670-1383. You can also follow him at @michaelmccrae.

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