Gem Diamonds Limited shares jumped some 36% in Wednesday's early trades after it told investors that all of its FY2025 operational metrics were “within or ahead of the revised guidance”.
The gem miner, reporting operational and sales results for the quarter ended 31 December, said it had recovered 20,961 carats in the quarter, taking FY 2025 recovered carats to 90,354, versus 105,012 in FY 2024.
It added that nine diamonds above 100 carats were recovered during FY 2025, and that after the period end it recovered “a 193 carat white type II diamond.
Gem Diamonds sold 21,191 carats during Q4 at an average price of US$1,288 per carat, resulting in FY 2025 sales of 88,381 carats at an average price of US$1,105 per carat, the company added.
The highest price achieved in the quarter was US$66,602 per carat for an 8.83-carat pink diamond, and the company said six diamonds sold for more than US$1 million each, contributing US$9.2 million.
Gem said it deferred waste stripping as part of cost management measures, contributing to 64% less waste tonnes mined year-on-year, while direct cash costs (before waste) and operating costs per tonne treated were at the lower end of guidance ranges.
In London, Gem shares were up 36%, changing hands at 3.9p.