London, July 6, 2026, 16:08 BST
- Gem Diamonds quoted a 3.45p sell and 3.90p buy, with 29,846 shares traded and a spread near 12% of the midpoint, according to AJ Bell data.
- No RNS from Gem Diamonds showed up for July 6. The last update in the feed was July 1’s “Total Voting Rights”. Investegate
- Q1 revenue was $32.1 million. That annualises to $128.4 million, though the run-rate drops to $100.4 million once the $7.0 million large-stone parcel is excluded.
Gem Diamonds Limited (LON:GEMD) changed hands quietly Monday, with retail quotes at 3.45p to sell and 3.90p to buy. Volume showed 29,846 shares. The spread was 0.45p, about 12% on the midpoint. That’s roughly £1,100 of stock at the mid, with the trade size and wide spread telling more than the nominal price move.
The London Stock Exchange was in its standard session at the dateline, trading from 0800 to 1630 BST. TradingHours There wasn’t a new regulatory filing from Gem Diamonds on Monday. The company’s RNS on July 1 showed only a regular voting rights update, following a June 3 chair appointment and AGM outcome.
Gem Diamonds has dropped into micro-cap territory, with Hargreaves Lansdown showing a £4.48 million market cap and just 29,846 shares traded. Total shares in issue are 141.52 million. The stock now reacts more to big single-stone updates, lender negotiations or liquidity shifts than broad index moves.
Why it matters: Gem Diamonds is still under pressure to prove Letšeng can deliver big, valuable stones even as the rough diamond market remains soft and the balance sheet gets tighter. Net debt rose to $20.1 million at the end of 2025 from $7.3 million a year earlier. The company said it has revolving credit lines due to expire in December 2026, and warned of a material uncertainty because the renewal date lands within its 12-month going-concern window.
Chief Executive Clifford Elphick said in March the persistent drop in the diamond market meant Gem had to act quickly. He said the company plans to renew its group facilities before they run out in December 2026.
Gem’s Q1 numbers showed some pickup on the operating side. The company posted $32.1 million in revenue, with $7.0 million coming from a single parcel of 10 diamonds over 10.8 carats. Export 1 moved 16,727 carats at $1,501 per carat, up 17% from $1,288 in Q4. Four diamonds cleared the $1 million mark apiece and together added $9.9 million. Gem also reported finding two stones over 100 carats.
Basic forecast review, no company guidance here:
| Metric | 2025 actual | Q1 2026 | 2026 run-rate if Q1 repeats | What investors get |
|---|---|---|---|---|
| Revenue | $98.4 mln | $32.1 mln | $128.4 mln | 30% higher than 2025, but Q1 got a $7.0 mln parcel boost |
| Revenue excluding extra parcel | $98.4 mln | $25.1 mln | $100.4 mln | Roughly unchanged from 2025 |
| Carats recovered | 90,354 | 21,605 | 86,420 | About 4% under 2025 |
| Average value per carat | $1,105 | $1,501 | n/a | 36% higher than last year |
| +100 carat diamonds recovered | 9 | 2 | 8 | Tracking just below last year |
Analyst targets are still much higher than where shares trade now, but there’s not much coverage. Stockopedia put the consensus target at 12.74p and expects a 2026 EPS of minus $0.15. TradingView lists a 12.98 GBX analyst call with the stock last at 3.90 GBX.
| Forecast source | Price base | Target / forecast | Implied read-through |
|---|---|---|---|
| Stockopedia consensus | 3.30p, last close | 12.74p target | Source puts upside at 286% |
| TradingView analyst estimate | 3.90 GBX at current price | 12.98 GBX | About 3.3x above current price |
| Stockopedia revenue table | $98.41 mln for 2025 revenue | $105.59 mln 2026E, $112.67 mln 2027E | Shows a low single-digit growth |
Diamond sector signals are mixed. Business Insider said July 4 the Diamond Standard Index is down 68% from its 2011 high. Global natural diamond jewellery demand stayed flat in 2025 after three years of falling. The story pointed to Tenoris numbers: 2.5 to 2.74 carat natural stones saw 19% more unit sales last year. Dan Mano at Rapaport said the market’s “increasingly bifurcated.” Paul Zimnisky called it a “K-shaped recovery” for some areas. Joshua Freedman of Rapaport said this downturn looks like more than a normal cycle. Business Insider
This is key for Gem. Letšeng operates in a segment where buyers still pay for rare stones. The company calls Letšeng known for its big, high-quality white diamonds and says it’s the world’s top kimberlite mine by dollar-per-carat.
The natural-diamond sector is pushing back against lab-grown competitors, with the Financial Times reporting Monday that the Natural Diamond Council plans a new hallmark scheme aimed at distinguishing natural stones from lab-grown ones. The move comes as lower prices and shifts in buyer demand weigh on the market.
Gem’s upcoming tender schedule won’t provide new sales data for a while. Its site shows the next Antwerp Small tender is set for Sept. 10-18. The last one ran from June 10-18. The next after that comes Dec. 7-14.
Investors are watching for Q2 sales numbers, an update on the 100.71 carat Type I faint yellow diamond Gem said would sell in Q2, and whether the company can renew its lender before December 2026.
