GEM DIAMONDS’ PRICE PER CARAT UP, BUT PROFIT PLUMMETS IN H1 2019

Gem Diamonds has announced financial results for the first half year of 2019 (ended June 30, 2019). The miner reported revenue of $91.3 million – down from $167.7 million in H1 2018. Earnings before interest, tax, depreciation and amortization (EBITDA) totaled $25.3 million – down from $70.7 million in H1 2018. Profit totaled $6.6 million, compared to $26.8 million in H1 2018.

During the period, Gem Diamonds recovered three diamonds greater than 100 carats from its Letšeng mine in Lesotho, and achieved a record price of $656,934 per carat for a 13.32 carat pink diamond it sold for $8.8 million. All in all, the miner achieved $1,697 average price per carat in H1 2019.

Gem Diamonds CEO Clifford Elphick commented that “[…] The prices achieved for the Period are 10% up from the prices achieved in the preceding 6-month period”. The company added that it is “on track to deliver the planned $100 million in cost savings and efficiencies by 2021”.

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