Gem Diamonds’ Revenue Up 41% in Q4 2019
Gem Diamonds has increased its revenue for the last quarter of 2019 (ended December 31) by 41% quarter-over-quarter, selling $51.3 million in rough diamonds. In addition, average price achieved for the period jumped 21% quarter-over-quarter to $1,713 per carat. Carats sold during Q4 increased 17% to 29,945 (Q3 2019: 25 631).
During the 4th quarter, Gem Diamonds recovered four diamonds greater than 100 carats, bringing the total to 11 diamonds greater than 100 carats for 2019. Since the miner began operating the Letšeng mine in 2006, it has found 100 diamonds greater than 100 carats each.
In addition, Gem Diamonds sold seven diamonds for more than $1 million each. In total, 27 diamonds were sold for more than $1 million each during 2019, generating revenue of $68.2 million.