30 April 2025
GEM DIAMONDS LIMITED
Q1 2025 Trading Update
Gem Diamonds Limited (LSE: GEMD) ("Gem Diamonds" or the "Company" or the "Group") provides the following Trading Update detailing the Group's operational and sales performance from 1 January 2025 to 31 March 2025 ("Q1 2025" or the "Period").
Highlights:
· The highest price achieved in the Period was US$26 441 per carat for a 67.50 carat white diamond.
· Two diamonds sold for more than US$1.0 million each, generating aggregate revenue of US$3.5 million during the Period.
· All operational and financial metrics are trending within issued guidance for 2025.
· Post the Period, two greater than 100 carat Type I diamonds (194.52 carats and 109.95 carats) were recovered at Letšeng that will be sold in Q2 2025.
Letšeng Diamonds production summary:
During the Period, production was primarily sourced from the lower-grade, lower-value Main Pipe, with a lower contribution from the higher-grade, higher-value Satellite Pipe, in line with the 2025 mine plan.
The "Large" diamond tender in the Period was held over because of US tariff uncertainty. These goods are scheduled to be sold in Q2. Carats sold, Total value (US$ millions) and US$/carat as set out in the table below include an estimated value of these goods for comparative purposes.
| | Q4 2024 | Q1 2025 | % Change |
| Waste tonnes stripped | 1 037 800 | 864 672 | -17% |
| Ore tonnes treated | 1 291 433 | 1 245 674 | -4% |
| Satellite pipe contribution (tonnes) | 542 916 | 410 964 | -24% |
| Carats recovered | 24 461 | 23 578 | -4% |
| Grade recovered (cpht) | 1.9 | 1.9 | 0% |
| Carats sold | 26 356 | 20 470 | -22% |
| Total value (US$ millions) | 32.2 | 21.6 | -33% |
| US$/carat | 1 223 | 1 055 | -14% |
FOR FURTHER INFORMATION:
Gem Diamonds Limited
Kiki Constantopoulos, Company Secretary
Celicourt Communications
Mark Antelme / Felicity Winkles
Tel: +44 (0) 20 777 6424
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67.
ABOUT GEM DIAMONDS:
Gem Diamonds is a leading global 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, exceptional white
diamonds, making it the highest dollar per carat kimberlite diamond mine in the world.
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