Gem Diamonds sold 28 461 carats produced at its Letšeng mine in Lesotho during the first quarter of the year, generating revenue of $52.1 million compared to $50.0 million in the fourth quarter of 2021.

The miner said it achieved an average price of $1 831 per carat from 1 January 2022 to 31 March 2022 compared to $2 018 per carat, in the preceding quarter.

The highest price achieved in the first quarter was $66 059 per carat for an 8.41-carat pink diamond, while the highest price achieved for a white diamond was $53 834 per carat for a Type IIa white diamond.

Gem sold nine diamonds for more than $1 million each during the period, generating revenue of $16.2 million.

It said prices achieved for Letšeng’s diamonds reflected the favourable market conditions.

Letšeng paid a dividend of $13.4 million during the period, resulting in a net cash flow of $8.9 million to Gem Diamonds and a cash outflow from the group of $500 000 relating to withholding taxes and $4 million in respect of the government of Lesotho’s share of the dividend.

Meanwhile, the company said it produced 28 430 carats in the first quarter compared to 33 069 carats in the fourth quarter of 2021.