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Rough Demand Jumps at Mountain Province Sale

Miner achieves record tender result as momentum builds ahead of holidays.
Nov 3, 2020 7:44 AM   By Rapaport News
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RAPAPORT... 
Mountain Province recorded its largest open-market sale to date as rough-diamond demand returned ahead of the holiday season.

The miner sold 559,528 carats for $34.3 million at last month’s tender in Antwerp, averaging $61 per carat, the company reported Monday. The event, which closed October 30, was only its second commercial sale since the start of the Covid-19 pandemic.

“The interest shown at the sale was excellent and drove the outstanding result,” said Mountain Province CEO Stuart Brown. “The continued recovery in diamond prices across the categories is positive for the company and, indeed, the industry. We are encouraged that a positive momentum is building as we enter the all-important traditional retail selling season.”

Mountain Province, which jointly owns the Gahcho Kué mine in Canada together with De Beers, canceled all regular sales between February and September due to the coronavirus. However, it sold $100 million in rough to major shareholder Dunebridge Worldwide as part of an effort to increase liquidity during the crisis.

Image: An ore crusher at the Gahcho Kué mine. (Mountain Province)
Tags: Canada, COVID-19, Gahcho Kué, mining, mountain province, Rapaport News, rough, Rough Diamonds, rough sales
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