Gem Diamonds (GEMD) Q4 2024 TU earnings summary

Executive summary

• All operational metrics for FY 2024 were within or ahead of improved revised guidance, reflecting strong operational discipline and performance.

• 24,461 carats were recovered in Q4 2024, totaling 105,012 carats for the year, slightly below FY 2023's 109,656 carats.

• 13 diamonds over 100 carats were recovered in FY 2024, up from five in FY 2023, highlighting continued success in large stone recovery.

Financial highlights

• 26,356 carats sold in Q4 2024 at an average price of $1,223 per carat; FY 2024 total sales reached 109,967 carats at $1,390 per carat, up from $1,334 per carat in FY 2023.

• Total sales value for FY 2024 was $152.8 million, a 10% increase year-over-year.

• Six diamonds sold for over $1 million each in Q4, contributing $11.6 million.

• The highest price achieved in Q4 was $45,077 per carat for a 3.52 carat pink diamond.

Outlook and guidance

• FY 2024 performance met or exceeded revised guidance for key metrics including carats recovered, carats sold, and direct cash costs per tonne treated.

• Operating cost per tonne treated is expected to be slightly above guidance due to non-cash cost adjustments.

• Total capex for FY 2024 was $4.4 million, below the revised guidance range of $5-7 million.