Business
Q4 2025 Trading Update
Gem Diamonds Limited reported its Q4 2025 trading update, with full-year 2025 operational metrics meeting or exceeding revised guidance. The company recovered 90,354 carats for the year, a decrease from 105,012 carats in 2024, and sold 88,381 carats at an average price of US$1,105 per carat, down from US$1,390 per carat in the prior year. During the fourth quarter, 20,961 carats were recovered and 21,191 carats were sold, achieving an average price of US$1,288 per carat. Six diamonds sold for over US$1.0 million each in Q4, contributing US$9.2 million. The company also noted that reduced waste stripping in response to market conditions impacted unit costs, with waste cash costs per tonne of waste mined expected to be marginally above guidance. Disclaimer*
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n\n4 February 2026 \n \nGEM DIAMONDS LIMITED\nQ4 2025 Trading Update\nGem 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\").\n1. Highlights:\n\n\n\n\n•\n\n\nAll operational metrics for FY 2025 are within or ahead of the revised guidance.\n\n\n\n\n•\n\n\n20 961 carats were recovered during the Period, resulting in 90 354 carats recovered for the year (FY 2024: 105 012).\n\n\n\n\n•\n\n\nNine diamonds greater than 100 carats were recovered in the year (FY 2024: 13).\n\n\n\n\n•\n\n\nPost Period end, a 193 carat white type II diamond was recovered.\n\n\n\n\n•\n\n\n21 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).\n\n\n\n\n•\n\n\nThe highest price achieved in the Period was US$66 602 per carat for an 8.83 carat pink diamond.\n\n\n\n\n•\n\n\nSix diamonds sold for more than US$1.0 million each during the Period, contributing US$9.2 million.\n\n\n\n\n•\n\n\nTwo greater than 100 carat diamonds were sold during the Period.\n\n\n\n\n \n2. Letšeng Diamonds production summary:\n\n\n\n\n\n\n\nH1\n2025\n\n\nQ3\n2025\n\n\nQ4\n2025\n\n\nFY\n2025\n\n\nFY\n2024\n\n\n FY24 - FY25\n% Change\n\n\n\n\n\n\nWaste tonnes stripped\n\n\n1 698 817\n\n\n204 595\n\n\n48 304\n\n\n1 951 717\n\n\n5 420 567\n\n\n-64%*\n\n\n\n\nOre tonnes treated\n\n\n2 504 001\n\n\n1 318 624\n\n\n1 366 152\n\n\n5 189 091\n\n\n5 018 739\n\n\n3%\n\n\n\n\nSatellite pipe ore tonnes treated\n\n\n802 135\n\n\n208 558\n\n\n332 167\n\n\n1 342 860\n\n\n2 189 453\n\n\n-39%*\n\n\n\n\nCarats recovered\n\n\n47 125\n\n\n22 268\n\n\n20 961\n\n\n90 354\n\n\n105 012\n\n\n-14%\n\n\n\n\nGrade (cpht)\n\n\n1.88\n\n\n1.69\n\n\n1.53\n\n\n1.74\n\n\n2.09\n\...