Core Insights - Gem Diamonds reported a recovery of approximately 90,000 carats for the year ended December 31, 2025, which is slightly below the normal annual recovery levels due to the ore mix processed [3] - The average dollar per carat achieved was $1,100, reflecting a decrease from typical levels, influenced by the ore provenance and ongoing pressures on diamond prices [3] - Total revenue for the year was just shy of $100 million, indicating a contrasting performance between the two halves of the year, particularly with sustained pricing in the first half [4] Year-End Review - The recovery of 90,000 carats was anticipated based on the processed ore mix, indicating a strategic alignment with expected outcomes [3] - The decline in dollar per carat to $1,100 was attributed to both the type of ore processed and external market pressures affecting diamond prices [3] - Revenue nearing $100 million suggests a significant impact from market conditions, with the first half of the year performing better in terms of pricing stability [4]