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High-Value Stones Fuel Mountain Province Prices

Sale of Gahcho Kué rough yields $142 per carat.
Mar 20, 2018 4:02 AM   By Rapaport News
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Mountain Province’s March tender achieved the miner’s highest average selling price to date, driven by a bigger-than-usual selection of large and high-value diamonds, the company said.

The miner sold 177,000 carats of rough from its Gahcho Kué mine at an average price of $142 per carat, for a total of $25.1 million, it reported in a statement last week. Production from the end of last year, as well as stones brought forward from the next sale, led to the higher number of more expensive diamonds — known as fancies and specials.

“The total proceeds and average value per carat yielded by this sale…substantially beat our expectations,” said CEO David Whittle. “This strong performance reflects an encouraging start to the year for rough diamonds across all categories, as well as the quality of the fancies and specials on offer.”

The March tender was the company’s second sale of the year. The average price in February was $78 per carat.

The miner expects lower-than-average prices at its third sale of 2018, because it offered some of the better stones at its second sale.
Tags: David Whittle, diamonds, fancies, Gahcho Kué, mountain province, Rapaport News, Specials, tender
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