Letšeng Profit Plummets by 92%

London-listed, Gem Diamonds Limited (LSE: GEMD) released its Full Year Results for the fiscal year of 2023, revealing a challenging year marked by global economic turmoil and a significant downturn in the diamond market. Gem Diamonds owns 70% of Letšeng Diamonds and 30% by Government of Lesotho. Letšeng is Gem Diamonds only cash generating asset. The company’s profit for the year fell sharply by 92% to US$1.6 million, down from US$20.2 million in 2022. This decline in profit was attributed…Continue reading with a subscriptionSubscribe for full access to every story.Subscribe - M85/monthAlready a subscriber? Sign in Advertisement ...