The company has benefited from an exceptional recovery of large diamonds, having unearthed 13 diamonds weighing over 100 carats this year, surpassing the historical average of eight. The Letseng mine in Lesotho, where these recoveries took place, has proven particularly lucrative, yielding several high-value stones.

During the quarter, Gem Diamonds achieved a record price of $45,537 per carat for a stunning 10.98-carat pink diamond. Although the company sold a total of 26,617 carats—an 11% decline from the previous year—average prices per carat saw a significant increase of 18%, reaching $1,603.

Notably, six diamonds were sold for over $1 million each during the quarter, collectively contributing $22.6 million to the company’s revenue. Additionally, five diamonds weighing over 100 carats were recovered in the same period.

The Letseng mine, in which Gem Diamonds holds a 70% stake alongside the Lesotho government, remains the highest dollar-per-carat kimberlite diamond mine globally.

Cumulatively, year-to-date sales for 2024 have reached $120.5 million, compared to $103 million at the same time last year, reflecting a positive trajectory for the company.