- Gem Diamonds , a leading producer of high value diamonds, announced Thursday that its H1 2023 revenue decreased by 28% to $71.8 million compared to $100 million in H1 2022, achieving an average price of $1,373 per carat from the sale of 52,163 carats .Gem Diamonds also reported loss attributable to shareholders of $1.0 million in H1 2023 , equating to a loss per share of 0.7 cents .
The company said the global rough diamond market has experienced a downturn in 2023, adding that a decrease in the number of large, high-value diamonds recovered, combined with market pressure has negatively impacted the average dollar per carat and revenue achieved during the period. Commenting on the results, CEO Clifford Elphick said, "The downturn in the rough diamond market together with increased grid electricity interruptions which increased operating costs, negatively impacted our financial results.
“Our focus remains on stabilising our plants to improve large diamond recoveries and to critically review all operational and capital expenditure." Gem Diamonds is a leading global diamond producer of high value diamonds. The company owns 70% of the Letšeng mine in Lesotho and is currently in the process of selling its 100% share of the Ghaghoo mine in Botswana.