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Rough Demand Firm at Gahcho Kué Sale

Nov 28, 2017 4:14 AM   By Rapaport News
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RAPAPORT... Mountain Province Diamonds reported solid demand at its November sale as positive retail sentiment in the US and Asia translated into improved rough trading.

The miner sold $19 million of rough diamonds from its Gahcho Kué mine, with like-for-like prices increasing about 2% on average compared with the October tender, the company reported last week. The producer noted a more favorable product mix in the larger stone sizes, as well as increased demand for lower-value diamond assortments. The total average price jumped 10% to $66 per carat for 288,000 carats of rough.

Despite a cautious market following Diwali and Jewish holidays, more than 150 companies attended the tender, its ninth of the year. Clients bought 88% of lots by value, with the sale attracting an average of 11.9 bids per lot — the highest yet for the company, it said.

This, together with robust prices, “demonstrates the ability of our tender process to harness positive outlook in the market following encouraging news from the Asian and US retail markets,” said Reid Mackie, the miner’s vice president for diamond marketing.
Tags: Diwali, Gahcho Kué, mountain province, Mountain Province Diamonds, Rapaport News
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