Gem Diamonds (GEMD) H1 2024 TU earnings summary

Executive summary

• Sold 56,944 carats in H1 2024, up 9% year-over-year, generating $77.9 million in revenue, a 9% increase.

• Average price per carat was $1,366, nearly flat compared to $1,373 in H1 2023.

• 55,873 carats recovered, up 10% year-over-year; eight diamonds over 100 carats recovered, with six sold during the period.

• Eleven diamonds sold for over $1 million each, totaling $29.5 million in revenue.

Financial highlights

• Revenue rose to $77.9 million from $71.6 million year-over-year.

• Achieved average price per carat of $1,366, nearly unchanged from prior year.

• Highest price achieved was $41,007 per carat for a 62.78 carat white diamond.

Outlook and guidance

• All operational and financial metrics are trending within the original 2024 guidance issued in March.