Recently, Gem Diamonds Limited announces its full year results for the year ending 31 December 2023. Focussing on their operational results at the Letšeng mine, Carats recovered totaled of 109 656 (106 704 carats in 2022). Average value of US$1 334 per carat achieved (US$1 755 in 2022). The highest dollar per carat achieved for a white rough diamond during the year was US$36 399 per carat.
Significant changes were made to management, workforce and operating methodologies at Letšeng and Ghaghoo in 2023 to meet the challenges of lower revenues and increasing costs. The implementation of a number of initiatives in H2 2023 to slow down the rate at which ore is fed into the treatment plants significantly improved overall stability which materially improved the consistency of higher daily overall plant utilisation.
Commenting on the results today, Clifford Elphick, Chief Executive Officer of Gem Diamonds, said:
“2023 was a challenging year globally with surging inflation and interest rate increases in major economies, two international conflicts and a subdued overall global economic outlook which had a significant negative impact on the diamond industry.
Our financial results suffered primarily as a result of a decrease in revenue because of lower diamond prices. We have relentlessly focused on cost control measures, enhanced operational efficiencies, rigorous evaluation of capital projects and the deferment of non-essential longer-term projects.
We are proud of our excellent safety performance in 2023 which is a testament to the focus and dedication of our workforce to mature the organisational safety culture, a programme that commenced in 2021.
We also released Letšeng’s 2024 Resource and Reserve statement today, the result of a lot of hard work over the past number of years. We will continue to optimise our mine plan to ensure sustainable returns for our stakeholders.
The pressure on the diamond market has persisted into 2024, although there have been some signs of price recovery. We are cautiously optimistic that prices will stabilise and that there will be some growth towards the end of 2024.”
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