Gem Diamonds Limited (LSE:GEMD, OTC:GMDMF) failed to sparkle as a trading update showed it sold fewer carats at lower prices in 2023 compared to a year earlier.
The Letseng mine operator added that the diamond market was under pressure in the final three months of 2023, which knocked the average dollar per carat and revenue achieved in the period.
Fourth-quarter sales were US$36.4 million, comprising 28,402 carats (ct) at an average US$1,281 but that was well down on earlier in the year.
Total sales for the 2023 year were 104,520ct (107,500ct) at an achieved price of US$1,334 (US$1,755).
Shares fell 10% to 10.05p.