Gem Diamonds revenues rise to $42.7m in Q3

Gem Diamonds has seen its revenues surge to $42.7m (£32.8m) in Q3 2024 compared with $34.8m (£26.78m) in Q2 2024, as it sold 25,617 carat diamonds.

It also revealed that the average price per carat also improved, rising to $1,603 (£1,233.5) from $1,424 (£1,095.7) in the prior three months.

The highest price achieved in the period was $45,537 (£35,040.4) per carat for a 10.98 carat pink diamond.

Moreover, six diamonds sold for more than $1.0m (£769,815) each, contributing $22.6m (£16.9m) to the revenue.

Five greater than 100 carat diamonds were also recovered bringing the total year to date recoveries of greater than 100 carat diamonds to 13.

Additionally, 24 678 carats were recovered during the period, slightly lower from 25,366 carats in the second quarter. Four greater than 100 carat diamonds were also sold in Q3

Gem Diamonds said: “All operational and financial metrics are trending within the revised guidance issued for 2024.”