Mmegi reports that the diamond miner, which is currently focused on its Lesotho operations, is now considering a final closure of the Botswana operation.
It had prioritised a sale of the mine in 2022 but a planned takeover deal with Botswana Diamonds collapsed in May last year.
Gem Diamonds said a possible closure was being discussed with affected stakeholders.
The miner spent $1.9 million on care and maintenance activities at Ghaghoo last year compared with $2.1 million in 2021.
The diamond mine was placed under care and maintenance in February 2017 due to declining diamond prices. There were 250 workers whose contracts were terminated as a result.