Gem Diamonds Ltd. (DI) (GEMD)

Sector:

Mining

Index:

FTSE Fledgling

11.73p
   
  • Change Today:
    -0.100p
  • 52 Week High: 14.85p
  • 52 Week Low: 7.99p
  • Currency: UK Pounds
  • Shares Issued: 139.72m
  • Volume: 222,970
  • Market Cap: £16.38m
  • RiskGrade: 292

Gem Diamonds revenue up, though prices and recoveries fall

By Josh White

Date: Wednesday 17 Aug 2022

LONDON (ShareCast) - (Sharecast News) - Gem Diamonds sold 57,075 carats in its first half, it reported on Wednesday, generating revenue of $99.6m, up from $97.3m year-on-year, although prices and recoveries were down.
The London-listed firm said it achieved an average price of $1,745 per carat in the six months ended 30 June, down slightly from $1,783 per carat in the first half of last year.

It said the highest price achieved in the period was $66,059 per carat, for an 8.41 carat pink diamond.

The company sold 15 diamonds for more than $1m each, generating revenue of $25.8m in the half-year.

Three diamonds greater than 100 carats were recovered in the period, which were sold in the first tender after the end of the half-year for $13.9m.

Carats recovered in the period totalled 55,157, down from 56,504 year-on-year.

The firm said it ended the period with $24.2m cash on hand, while its drawn down facilities totalled $12.1m, resulting in a net cash position of $12.1m on 30 June, down from $20.9m at the end of December.

Gem Diamonds said it had undrawn and available facilities of $69.9m at period end.

The 2021 dividend of 2.7 US cents per share, proposed by the board in March and approved at the annual general meeting on 8 June, had now been paid.

During the half-year, the company purchased 1,520,170 of its shares at a weighted average price of 60.05p each under its share buyback programme.

Those shares were currently held in treasury.

The board also noted that the purchaser for the Ghaghoo diamond mine did not meet the extended long stop date of 10 May, resulting in the agreement lapsing.

It said it was continuing to pursue potential sales opportunities while other disposal or closure alternatives were also being considered.

"We continue to see a firm diamond market for the high quality Letšeng diamonds in 2022," said chief executive officer Clifford Elphick.

"We are managing the economic impact of global events which are contributing significantly to the slowing down of global economic growth and which are materially impacting energy and commodity prices and disrupting supply chains worldwide.

"The sanctions imposed on the Russian diamond producer Alrosa have exacerbated a shortage of rough diamonds in the market, supporting continued strong demand and robust prices for Letšeng's high-quality rough diamonds."

At 1111 BST, shares in Gem Diamonds were down 15.42% at 40.6p.

Reporting by Josh White at Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

GEMD Market Data

Currency UK Pounds
Share Price 11.73p
Change Today -0.100p
% Change -0.85 %
52 Week High 14.85p
52 Week Low 7.99p
Volume 222,970
Shares Issued 139.72m
Market Cap £16.38m
RiskGrade 292

GEMD Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
7.08% below the market average7.08% below the market average7.08% below the market average7.08% below the market average7.08% below the market average
57.14% below the sector average57.14% below the sector average57.14% below the sector average57.14% below the sector average57.14% below the sector average
Price Trend
11.32% above the market average11.32% above the market average11.32% above the market average11.32% above the market average11.32% above the market average
24.09% above the sector average24.09% above the sector average24.09% above the sector average24.09% above the sector average24.09% above the sector average
Income Not Available
Growth
98.34% below the market average98.34% below the market average98.34% below the market average98.34% below the market average98.34% below the market average
96.61% below the sector average96.61% below the sector average96.61% below the sector average96.61% below the sector average96.61% below the sector average

What The Brokers Say

Strong Buy 0
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 1
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

GEMD Dividends

  Latest Previous
  Final Final
Ex-Div 19-May-22 13-May-21
Paid 21-Jun-22 15-Jun-21
Amount 2.70¢ 2.50¢

Trades for 31-Oct-2024

Time Volume / Share Price
14:03 125,000 @ 10.97p
15:17 2,567 @ 11.10p
15:10 5,000 @ 11.34p
14:05 25,000 @ 11.04p
13:29 710 @ 11.25p

GEMD Key Personnel

CEO Clifford Thomas Elphick
CFO Michael Michael

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