Gem Diamonds Reports Modest Q3 Rebound
November 05, 25
(IDEX Online) - Loss-making Gem Diamonds reported an increase in revenue and per-carat prices for Q3, compared to the previous quarter, but both figures are still well below those of Q3 2024.
The UK-based miner reported an attributable loss of $11.7m for the first half of 2025 and is axing 240 jobs - a fifth of its workforce - at its Lestseng mine, in Lesotho, as part of a cost-cutting package.
In its Q3 2025 Trading Update, published on 30 October, it reported revenue of $25.7m - a 9 per cent increase on the previous quarter, but a decrease of 40 per cent on Q3 2024.
Letseng is widely recognized as the highest dollar per carat kimberlite diamond mine in the world, but it has seen sales and prices slide amid a global downturn in demand for natural diamonds, compounded by a weak dollar and ongoing US tariff uncertainties.
Average per carat price was $1,124, up 15 per cent on the previous quarter, but down 30 per cent on Q3 2024.
Gem said it had taken decisive cost-cutting measures aimed at saving around $1.5m a month - scaling back its waste mining operations and reducing executive salaries as well as the 240 job losses.
Two diamonds sold for more than $1.0m each during Q3, contributing $2.3m, and the highest per carat price paid was $33,785 for a 32.01-carat white diamond.
Pic shows Letseng mine.