Here is a summary of the trading update from Gem Diamonds Limited for the fourth quarter of 2024 (Q4 2024)
Operational Performance
All operational metrics for FY 2024 met or exceeded the improved revised guidance.
During Q4 2024, 24,461 carats were recovered, bringing the total for the year to 105,012 carats.
13 diamonds larger than 100 carats were recovered in FY 2024, compared to five in the previous year.
In Q4 2024, 26,356 carats were sold at an average price of US$1,223 per carat. For the full year, 109,967 carats were sold at an average price of US$1,390 per carat, representing a 4% increase in achieved US$/carat compared to FY 2023.
The highest price achieved in Q4 2024 was US$45,077 per carat for a 3.52-carat pink diamond.
Six diamonds sold for over US$1.0 million each in Q4 2024, contributing US$11.6 million.
Four diamonds larger than 100 carats were sold during the Period.
Letลกeng Diamonds Production Summary
Compared to FY 2023, waste tonnes stripped decreased by 39%, while ore tonnes treated remained stable.
Carats recovered decreased by 4%, and the grade (cpht) decreased by 4%.
Carats sold increased by 5% year-on-year, with a total value of US$152.8 million in FY 2024, representing a 10% increase.
The achieved US$/carat increased by 4% compared to the previous year.
Financial Performance
Direct cash costs (before waste) per tonne treated and mining waste cash costs per tonne of waste mined are expected to be within the guidance range.
Operating cost per tonne treated is anticipated to be slightly above guidance due to non-cash cost adjustments.
Total capex for FY 2024 is expected to be US$4.4 million, lower than the revised guidance range of US$5-7 million.
Overall, Gem Diamonds Limiteds Q4 2024 trading update highlights solid operational and financial performance, with most metrics meeting or exceeding expectations. The company experienced strong diamond sales and an increase in the average price per carat, contributing to a successful fiscal year 2024.
| Year | Waste Tonnes Stripped | Ore Tonnes Treated | Satellite Pipe Ore Treated | Carats Recovered | Grade | Carats Sold | Total Value | Achieved US$/Carat |
|---|---|---|---|---|---|---|---|---|
| H1 2024 | 3,163,476 | 2,542,114 | 1,110,647 | 55,873 | 2.20 | 56,994 | 77.9 | 1,368 |
| Q3 2024 | 1,219,291 | 1,185,192 | 535,890 | 24,678 | 2.08 | 26,617 | 42.7 | 1,603 |
| Q4 2024 | 1,037,800 | 1,291,433 | 542,916 | 24,461 | 1.90 | 26,356 | 32.2 | 1,223 |
| FY 2024 | 5,420,567 | 5,018,739 | 2,189,453 | 105,012 | 2.09 | 109,967 | 152.8 | 1,390 |
| FY 2023 | 8,841,627 | 5,024,665 | 2,969,031 | 109,656 | 2.18 | 104,520 | 139.4 | 1,334 |
| % Change | -39% | 0% | -26% | -4% | -4% | 5% | 10% | 4% |
| Metric | FY 2024 Performance | FY 2024 Revised Guidance |
|---|---|---|
| Waste Tonnes Mined (Mt) | 5.4 | 5 - 6 |
| Ore Treated (Mt) | 5.0 | 4.9 - 5.1 |
| Satellite Pipe Ore Treated (Mt) | 2.2 | 1.8 - 2.0 |
| Carats Recovered (Kct) | 105 | 98 - 101 |
| Carats Sold (Kct) | 110 | 100 - 103 |
| Direct Cash Costs (before waste) per Tonne Treated (Maloti) | 245 - 260 | 245 - 260 |
| Operating Costs per Tonne Treated1 (Maloti) | 365 - 380 | 345 - 360 |
| Mining Waste Cash Costs per Tonne of Waste Mined (Maloti) | 60 - 70 | 60 - 70 |
| Total Capex (US$ Million) | 4.4 | 5 - 7 |