Business
Q3 2021 Trading Update
Q3 2021 Trading Update.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 4980Q\n Gem Diamonds Limited\n 28 October 2021\n \n \n \n 28 October 2021 \n \n \n GEM DIAMONDS LIMITED\n \n \n Q3 2021 Trading Update\n \n \n \n \n \n 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 July 2021 to 30 September 2021 (\"Q3 2021\" or the \"Period\"). \n \n \n \n \n \n · \n 23 435 carats were recovered during the Period, resulting in 82 266 carats recovered for the year to date (14% higher than YTD 2020: 72 403 carats).\n \n \n · \n 84 906 carats have been sold for the year to date, achieving an average price of US$1 782 per carat (YTD 2020: US$1 908 per carat).\n \n \n · \n Revenue generated in the Period amounted to US$47.3 million, achieving an average price of US$1 589 per carat. \n \n \n · \n The highest price per carat achieved in the Period was US$88 889 per carat for a 4.41 carat light blue diamond.\n \n \n · \n The highest price per carat achieved in the Period for a white Type IIa diamond was US$47 574 per carat for a 65 carat diamond.\n \n \n · \n Six diamonds sold for more than US$1.0 million each, generating revenue of US$12.2 million during the Period, bringing the total number of diamonds sold for greater than US$1.0 million to 16 for the year to date, generating revenue of US$48.3 million. \n \n \n · \n Post Period end, two large high-quality Type IIa white diamonds (a 245 carat and 102 carat) were recovered. These diamonds are scheduled to be sold in Q4 2021. \n \n \n · \n The Group ended the Period with cash on hand of US$10.8 million. This does not include US$37.3 million of September tender proceeds received after Period end. \n \n \n · \n Following operational challenges experienced in Q3, production and cost guidance for full year 2021 has been revised. \n \n \n \n \n \n Covid-19: \n \n \n \n ·\n The health and safety of our people remains our priority.\n \n All requisite staffing, facilities and equipment, as well as communication and education mechanisms, as developed and implemented in response to the Covid-19 pandemic, remain in place to ensure the safety of employees and contractors and the achievement of the...