REG - Gem Diamonds Limited - Q4 2025 Trading Update

Gem DiamondsAnnouncement

04/02/2026 07:00

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RNS Number : 5913R  Gem Diamonds Limited  04 February 2026

4 February 2026

 

GEM DIAMONDS LIMITED

Q4 2025 Trading Update

Gem Diamonds Limited (LSE: GEMD) ("Gem Diamonds" or the "Company" or the
"Group") provides the following Trading Update detailing the Group's
operational and sales performance from 1 October 2025 to 31 December 2025 ("Q4
2025" or the "Period").

1.    Highlights:

 •    All operational metrics for FY 2025 are within or ahead of the revised
      guidance.
 •    20 961 carats were recovered during the Period, resulting in 90 354 carats
      recovered for the year (FY 2024: 105 012).
 •    Nine diamonds greater than 100 carats were recovered in the year (FY 2024:
      13).
 •    Post Period end, a 193 carat white type II diamond was recovered.
 •    21 191 carats were sold during the Period, achieving an average price of US$1
      288 per carat. This resulted in 88 381 carats sold for the year achieving an
      average price of US$1 105 per carat (FY 2024: 109 967 carats sold for US$1 390
      per carat).
 •    The highest price achieved in the Period was US$66 602 per carat for an 8.83
      carat pink diamond.
 •    Six diamonds sold for more than US$1.0 million each during the Period,
      contributing US$9.2 million.
 •    Two greater than 100 carat diamonds were sold during the Period.

 

2.    Letšeng Diamonds production summary:

                                    H1          Q3          Q4          FY          FY            FY24 - FY25

                                    2025        2025        2025        2025        2024        % Change
 Waste tonnes stripped              1 698 817   204 595     48 304      1 951 717   5 420 567   -64%(*)
 Ore tonnes treated                 2 504 001   1 318 624   1 366 152   5 189 091   5 018 739   3%
 Satellite pipe ore tonnes treated  802 135     208 558     332 167     1 342 860   2 189 453   -39%(*)
 Carats recovered                   47 125      22 268      20 961      90 354      105 012     -14%
 Grade (cpht)                       1.88        1.69        1.53        1.74        2.09        -17%
 Carats sold                        44 360      22 830      21 191      88 381      109 967     -20%
 Total value (US$ millions)         44.7        25.7        27.3        97.7        152.8       -36%
 Achieved US$/carat                 1 008        1 124      1 288       1 105       1 390        -20%

(*) Satellite pipe ore tonnes treated and waste tonnes stripped are in
accordance with the 2025 revised mine plan.

 

3.    FY 2025 performance compared to revised guidance

All operational metrics were within or ahead of the revised guidance announced
on 23 July 2025. Direct cash costs (before waste) per tonne treated and
operating cost per tonne treated are at the lower end of the guidance range.
This follows the successful outcome of the operational and cost management
measures implemented in H2 in response to market conditions. As part of those
measures, the mining of waste tonnes was deferred, resulting in 64% less waste
tonnes mined during the year compared to 2024. Although the reduced waste
mining preserved cash, the lower waste tonnes negatively impacted unit costs.
Waste cash costs per tonne of waste mined is therefore anticipated to be
marginally above guidance.

                                                                FY 2025       FY 2025

                                                                Performance   Revised

                                                                              Guidance
 Waste tonnes mined (Mt)                                        2.0           1.8 - 2.0
 Ore treated (Mt)                                               5.2           4.9 - 5.1
 Satellite pipe ore treated (Mt)                                1.3           1.2 - 1.4
 Carats recovered (Kct)                                         90            87 - 90
 Carats sold (Kct)                                              88            84 - 87
 Direct cash costs (before waste) per tonne treated (Maloti)    220 - 225     225 - 240
 Operating costs per tonne treated(1) (Maloti)                  290 - 295     295 - 310
 Mining waste cash costs per tonne of waste mined (Maloti)      70 - 75       60 - 70
 Total capex (US$ million)                                      4.5           4.0 - 5.0

(1) Operating costs per tonne treated excludes royalty, selling costs,
depreciation and mine amortisation, but includes inventory, waste and ore
stockpile adjustments.

( )

 

FOR FURTHER INFORMATION:

Gem Diamonds Limited

Kiki Constantopoulos, Company Secretary

ir@gemdiamonds.com (mailto:ir@gemdiamonds.com)

 

Celicourt Communications

Mark Antelme / Charles
Denley-Myerson

Tel: +44 (0) 20 7770 6424

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014.

The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67.

ABOUT GEM DIAMONDS:

Gem Diamonds is a leading global producer of high value diamonds. The Company
owns 70% of the

Letšeng mine in Lesotho. The Letšeng mine is famous for the production of
large, exceptional white

diamonds, making it the highest dollar per carat kimberlite diamond mine in
the world.

www.gemdiamonds.com (http://www.gemdiamonds.com)

 

 

 

 

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