Gem Diamonds Limited Half-Year Results 2021


Gem Diamonds Limited (LSE: GEMD) (“Gem Diamonds”, the “Company” or the “Group”) announces its Half Year Results for the six months ending 30 June 2021 (the “Period”).


  • Revenue of US$104.5 million (H1 2020: US$69.5 million)
  • Cash on hand of US$33.9 million at 30 June 2021 (US$24.9 million attributable to Gem Diamonds)
  • The Group has unutilised facilities of US$61.0 million
  • Underlying EBITDA of US$34.7 million (H1 2020: US$11.3 million)
  • Loss from discontinued operations of US$1.3 million relating to Ghaghoo (H1 2020: US$1.9 million)
  • The Business Transformation programme has delivered a cumulative US$95.4 million, net of fees and costs, to the Group’s results to date.


  • Zero fatalities and four lost time injuries during the Period
  • Average price of US$1 886 per carat achieved (H1 2020: US$1 707 per carat)
  • Three diamonds larger than 100 carats recovered (H1 2020: Seven)
  • Recovered 58 831 carats (H1 2020: 43 275 carats)
  • Waste tonnes mined of 10.2 million tonnes (H1 2020: 5.2 million tonnes)
  • Ore treated of 3.1 million tonnes (H1 2020: 2.4 million tonnes)

COVID-19 Response

The Group continues to stringently apply its wide range of Covid-19 protocols, health and safety measures and other precautions to protect its employees and contractors at its operations. This has had a positive effect in containing infections across the Group and has allowed operations to continue in a safe and responsible manner.

The Group continues to provide support to its workforce, contractors and surrounding communities in its efforts to curb the spread of the virus where it operates. Letšeng partnered with the Government of the Kingdom of Lesotho to increase preparedness for the impact of Covid-19 in project-affected communities. The mine acquired 20 000 doses of the Johnson & Johnson vaccine for use by the Government of the Kingdom of Lesotho in its national vaccine rollout programme.

The vaccine rollout for Letšeng’s employees has commenced, with 885 employees vaccinated to date.

Sale of Gem Diamonds Botswana Proprietary Limited

On 23 August 2021, the Group entered into a binding share sale agreement for the sale of 100% of the share capital of Gem Diamonds Botswana Proprietary Limited, the owner of the Ghaghoo diamond mine in Botswana.

Commenting on the results today, Clifford Elphick, Chief Executive Officer of Gem Diamonds, said:

“We are pleased with the results achieved during the Period and to see a continued strong demand for Letšeng's high quality diamonds and the positive impact on prices achieved.

The stringent Covid-19 protocols implemented at Letšeng have contained infections and allowed operations to continue in a safe and responsible manner. The vaccine rollout at Letšeng is progressing well and we hope to have the full workforce vaccinated within the next few weeks.

We are also pleased that the binding sale agreement for 100% of the share capital of the Ghaghoo mine owned subsidiary, Gem Diamonds Botswana Proprietary Limited, has been concluded as it is in line with the Group’s strategic objective to dispose of non-core assets.”

The Company will host a live audio webcast presentation of the half year results today, 2 September 2021, at 9:30 GMT. This can be viewed here.

The page references in this announcement refer to the Half Year Report, which can be found here.

The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67

Susan Wallace
Company Secretarial Department
Gem Diamonds Limited
Celicourt Communications
Mark Antelme / Ollie Mills
Tel: +44 (0) 208 434 2643

Gem Diamonds is a leading global diamond producer of high value diamonds. The Company owns 70% of the Letšeng mine in Lesotho. The Letšeng mine is famous for the production of large, top colour, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world.