"Challenging operating conditions" were blamed.

Gem Diamonds reported a 24 percent drop in revenue for 2016 compared with the year before, Rapaport News reports.

As a result, the company's top leadership lost out on significant bonuses. CEO Clifford Elphick along with Chief Financial Officer Michael Michael and Chief Legal and Commercial Officer Glenn Turner were affected.

The company's revenue decline to just under $190 million was attributed to a drop in the quantity of high-carat diamonds mined from Letšeng in Lesotho, according to Rapaport. Mike Salomon, chairman of the company's compensation committee, said "weak diamond prices amid continued poor market conditions" were also to blame.

 “In the context of challenging operating conditions and the group’s performance in 2016, the executive directors and the remuneration committee jointly agreed that no bonus should be paid to the executive directors for 2016,” Salomon said.

Excluding one-time expenses, Gem Diamonds posted a 2016 profit of just over $39 million. That represented a 39 percent decrease from 2015.

In 2015, Elphick received a bonus of more than $412,000.

Elphick said the decline in the number of large diamonds extracted at Letšeng is "consistent with the normal, short-term variability of the resource."

Read more at Rapaport

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