Gem Diamonds Limited (LSE:GEMD, OTC:GMDMF) shares rose 9% to 3.62p after the company reported a solid third quarter, with higher diamond prices and several major recoveries from its Letšeng mine in Lesotho.
During the three months to 30 September 2025, 22,268 carats were recovered and 22,830 carats sold, generating US$25.7 million in revenue, up 9% from the previous quarter.
The average price per carat rose to US$1,124, a 15% increase, reflecting strong demand for large, high-quality stones.
Three diamonds over 100 carats were recovered during the quarter, and a 319-carat diamond was recovered shortly after the period, bringing year-to-date recoveries of +100 carat stones to eight.
Four large diamonds were sold in the quarter, including two that fetched more than US$1 million each, while the highest price achieved was US$33,785 per carat for a 32.01-carat white diamond.
The company said all operational and financial metrics remain within its revised 2025 guidance, with cost-saving measures now delivering around US$1.5 million per month in savings.
Gem Diamonds, which owns 70% of the Letšeng mine, described the period as one of operational stability and continued delivery on its strategy to preserve cash and optimise value from its high-value production.