Letšeng Diamonds ended its 2025 financial year on a subdued note, with fourth-quarter (Q4) results confirming a year of softer production, weaker grades and cautious operating choices at Lesotho’s flagship mine.
In the three months to December 31, Letšeng recovered 20,961 carats, down from 22,268 carats in the previous quarter, underlining a steady loss of momentum as the year closed.
For the full year, total recoveries fell to 90,354 carats, a 14 percent decline from 105,012 carats in the 2024 financial year (FY2024).
Total sales value for FY2025 fell to US$97.7 million, a steep 36 percent drop from US$152.8 million the previous year, reflecting not only lower volumes but also a weaker overall pricing environment.
While the achieved price per carat improved quarter-on-quarter, rising from US$1,124 in Q3 to US$1,288 in Q4, this late-year recovery was not enough to reverse the annual slide. The full-year average settled at US$1,105 per carat, down 20 percent from US$1,390 in FY2024.
The sales performance mirrored the production pressure. In Q4, 21,191 carats were sold at an average price of US$1,288 per carat. For the full year, 88,381 carats achieved an average of US$1,105 per carat, down sharply from US$1,390 per carat in FY2024.
Letšeng did register standout results at the top end, including a peak price of US$66,602 per carat for an 8.83-carat pink diamond and six stones selling for more than US$1 million each.
In its 2025 Q4 trading update, Letseng’s majority shareholder Gem Diamonds noted that direct cash costs (before waste) per tonne treated and operating cost per tonne treated are at the lower end of the guidance range, though waste cash costs per tonne are expected to be slightly above guidance because of the lower volumes mined.
“All operational metrics were within or ahead of the revised guidance announced on 23 July 2025. Direct cash costs (before waste) per tonne treated and operating cost per tonne treated are at the lower end of the guidance range. This follows the successful outcome of the operational and cost management measures implemented in H2 in response to market conditions.
“As part of those measures, the mining of waste tonnes was deferred, resulting in 64% less waste tonnes mined during the year compared to 2024. Although the reduced waste mining preserved cash, the lower waste tonnes negatively impacted unit costs. Waste cash costs per tonne of waste mined is therefore anticipated to be marginally above guidance,” Gem said in the trading update published this week.
Summary
- In the three months to December 31, Letšeng recovered 20,961 carats, down from 22,268 carats in the previous quarter, underlining a steady loss of momentum as the year closed.
- While the achieved price per carat improved quarter-on-quarter, rising from US$1,124 in Q3 to US$1,288 in Q4, this late-year recovery was not enough to reverse the annual slide.
- In its 2025 Q4 trading update, Letseng’s majority shareholder Gem Diamonds noted that direct cash costs (before waste) per tonne treated and operating cost per tonne treated are at the lower end of the guidance range, though waste cash costs per tonne are expected to be slightly above guidance because of the lower volumes mined.
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