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Chow Tai Fook, Mountain Province Ink Supply Deal
Mar 1, 2022 7:12 AM
By Rapaport News
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RAPAPORT... Hong Kong-based jeweler Chow Tai Fook has signed a one-year, renewable rough-supply agreement with Mountain Province.
The deal will give the retailer access to a “selected range” of rough from the Canadian miner’s Gahcho Kué site in Canada, it said Monday. The arrangement will provide the jeweler with an extra supply of rough while diamond demand is strong and production remains low.
“We are committed to maintaining robust and stable rough-diamonds procurement capabilities and meeting the growing consumer demand for quality diamond jewelry,” Chow Tai Fook executive director Conroy Cheng explained. “Partnering with Mountain Province...will help us to achieve those goals.”
Chow Tai Fook is already a contract customer of De Beers, Rio Tinto and Alrosa, enabling it to obtain regular allotments of rough from those miners. Mountain Province sells most of its rough through tenders. However, in August 2020, it sold $100 million worth of rough to Dunebridge Worldwide, a company that belongs to Dermot Desmond, its largest shareholder. The sale provided Mountain Province with financial liquidity when its mine was shut and tenders were halted due to the Covid-19 pandemic.
Image: Rough diamonds. (Mountain Province)
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Tags:
Alrosa, Canada, Chow Tai Fook, Conroy Cheng, De Beers, Dermot Desmond, diamond, Dunebridge Worldwide, Gahcho Kué, Hong Kong, jeweler, Jewelry, mountain province, Mountain Province Diamonds, Rapaport News, Rio Tinto
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