Mountain Province Diamonds Moves High Volume for Lower Price at 10th Tender

Mining and Exploration
08/01/2018 13:59

Mountain Province Diamonds in December sold 364,000 carats at the tenth tender of rough diamonds from the Gahcho Kué mine, in which it has a 49% share - De Beers owns the 51% - at an average price of $53 per carat, for a total of $19.1 million. The company notes that prices across all assortment categories continued to firm, increasing an average of 3% over the ninth sale, but higher volumes of smaller stones dragged the overall average price down below October’s $60 per carat and November’s $66 per carat. No fancies or specials were offered in this tenth tender sale as the fancies and specials bid for the related production split was won by De Beers.

The company noted the last production split of 2017, which will supply the January tender sale, saw significant volumes, an improved size frequency distribution and the largest parcel of fancy and special diamonds produced to date, both in value and volume terms. Reid Mackie, the Company’s Vice President Diamond Marketing said, “Our tenth sale saw further stabilization of rough prices and strengthening of competition with over 150 companies attending the tender, the highest to date. This, combined with solid holiday sales results reported by the retail sector, bodes well for a positive rough market re-opening in January.” David Whittle, the Company’s Interim President and Chief Executive Officer, “After a successful first year of operations, Mountain Province anticipates a strong start to the new year. We have a robust product offering available for our first tender sale of 2018, and the parcel of fancies and specials from the last production split of 2017 is characterized by large, high value and attractive stones. We look forward to bringing them to sale over the coming months.” Mountain Province markets 100% of it rough goods in Antwerp.