Gem Diamonds‘ revenue totaled  $99.6 million in the first half of 2022 – up 2.36% year-on-year, Rough & Polished reports. The rise is attributed to “strong demand and robust prices.”

Gem Diamonds, which owns 70% of the Letšeng mine in Lesotho, sold 57,075 carats in the first half of the year, an increase of 5% year-on-year. Average price per carat fell from $1,783 in H1 2021 to $1,745 this year. Gem Diamonds’ production in the first six months of the year eased 2% to 55,157 carats. The company said that, although its guidance for the full year remained on track, it will be at the lower end of the estimate. Back in March, Gem Diamonds projected an output of between 112,000 carats and 116,000 carats for 2022. 

CEO Clifford Elphick commented: “The sanctions imposed on the Russian diamond producer Alrosa have exacerbated a shortage of rough diamonds in the market, supporting continued strong demand and robust prices for Letseng’s high-quality rough diamonds.”