Mountain Province Diamonds releases results of eighth diamond sale of 2018

Total proceeds from the sale were US$24.2 million (CAN$31.4 million) from 366 505 carats at an average realised value of US$66 per carat. These results were in line with the company’s expectations.

The company reported good price bids for the better quality larger goods; in the lower qualities and smaller sizes, average prices declined in the mid single digits. This price pressure was attributed to the recent rapid weakening of the Indian Rupee against the US Dollar and to some extent the seasonal lower demand for rough diamonds ahead of the Diwali celebrations.

The company noted good reporting of diamond retail jewellery sales, particularly in the US where demand remains strong.

Stuart Brown, President and CEO, said: “The eighth sale of the year totalling US$24.2 million was a good result considering the current market and time of the year and we did well to sell all our categories at current best market prices. We are encouraged to see positive diamond jewellery retail sales and we believe that with a positive retail selling season we will see better demand for rough diamonds in the near future.”

Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories.

Read the article online at: https://www.globalminingreview.com/finance-business/19102018/mountain-province-diamonds-releases-results-of-eighth-diamond-sale-of-2018/